Saturday, 26 May 2012

MCX Tips India For Gold Demand

MCX Gold futures in India edged down on Friday as the rupee rebounded from the record lows hit this week even though demand failed to pick up as prices remained unattractive for buyers. More Information about mcx tips india visit my site

* Higher prices amid a lean season has dampened MCX gold demand in India, one of the world's top consumers.

* MCX India's wedding season is drawing to a close and gold demand tends to be weak during the June-September monsoon months.

* "MCX Gold demand usually comes down during this period as the wedding season is almost ending," said Jayanthi Lal Gowani, a gold dealer from Andhra Pradesh.

* The Indian rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal, recovered from the record lows hit this week following intervention from the Reserve Bank of India (RBI).

* MCX Gold prices rose back above USD 1,565 an ounce in Europe on Friday, snapping four sessions of losses, as the euro recovered from two-year lows against the dollar, though worries over the outlook for the euro zone kept investors on edge.

* MCX Gold demand in India is likely to moderate in 2012 as higher inflation trims disposable income at a time prices are stubbornly high on a weak rupee, the head of the World Gold Council in the country told Reuters last week.

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