Gold demand improves on price correction

Gold demand improves on price correction

Mumbai: Indian gold futures edged lower for a second straight day on Tuesday following weakness in the world market, but propelled demand in the domestic spot market, dealers said.

At 2:43 p.m., the most-active gold for June delivery on the Multi Commodity Exchange was trading 0.17% lower at 21,337 per 10 grams.

“Demand is good because of the price correction in two may remain good for next few days as wedding season is going on," said Mukul Sonawala, former president of Bombay Bullion Association.

International spot gold slipped nearly 1% on Tuesday, hovering below a record high and silver was off a 31-year peak hit in the previous session after long-term commodity bull Goldman Sachs advised investors to lock-in trading profits before oil and other markets reverse.