BackGold steady; buyers still on sidelines
Gold steady; buyers still on sidelines
PremiumMumbai: Gold futures were steady on Friday afternoon following overseas markets, but demand stayed weak due to the seasonally lean buying period, dealers said.
The most-active gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.21% higher at ₹ 22,636 per 10 grams at 1:04pm.
Overseas spot gold was steady, underpinned by debt crisis in the Euro zone, though a stronger dollar weighed.
The monsoon period is a seasonally slack one for gold demand and dealers expect traders to replenish stocks from September, when festivals and weddings re-start.
A strong rupee weighed on sentiment. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.
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