Gold edges higher; traders eye decline

Gold edges higher; traders eye decline

Mumbai: Gold edged higher on Monday afternoon following overseas markets, though some traders awaited a decline in prices before continuing to stock up for the wedding season, dealers said.

“There are a few deals, I booked about 50 kgs at $1,416 (an ounce)," said a dealer with a state-run bullion dealing bank.

The most-active gold for April delivery was trading 0.19% higher at 21,014 per 10 grams. The contract had struck a record high of 21,274 rupees March 3.

A strong rupee made the dollar-quoted yellow metal cheaper for local holders.

The Indian rupee was stronger in afternoon trade on Monday on gains in local shares, but underlying caution before the central bank’s policy review on 17 March kept the unit in a 5-10 paise band.

The high-demand wedding season is underway in India, the world’s largest consumer of the yellow metal. India’s gold imports in October-December rose 30% to 265 tonne.