Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Money / Gold demand retreats as prices near record
BackBack

Gold demand retreats as prices near record

Gold demand retreats as prices near record

Premium

Mumbai: India gold demand retreated from a pick-up witnessed in the last seven sessions, as prices neared the record high deterring buyers.

Gold prices rose in India tracking a weak rupee, which made the dollar-quoted yellow metal expensive, dealers said.

“Demand is much lesser today as the rupee rate has gone up... yesterday i did about 100 kgs below $1,182 (an ounce)," said a dealer with a state-run bank in Mumbai.

The most-active June contract was trading at Rs18,346 per 10 grams at 2:05pm, after hitting a high of Rs18,391, nearing the previous record of 18,424 struck last week.

“Markets could get re-activated if prices hit Rs17,000 again," said another dealer with a private bank.

The Indian rupee fell to its lowest level in seven months as shares dropped over 2% on a fresh bout of risk aversion which gripped markets globally, while the euro’s losses against the dollar also hurt.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 25 May 2010, 03:09 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App