Saturday, 9 June 2012

MCX Gold Tips in India

MCX Tips India in gold reversed early losses to trade a tad higher on Friday evening on a weaker rupee, though sluggish overseas markets kept the upside limited. Physical traders sought declines in prices to book the yellow metal. More information about mcx tips india visit my site

* The most-active MCX gold for August delivery on the Multi Commodity Exchange (MCX gold) was 0.34% higher at Rs 29,414 per 10 grams. The contract struck a record of Rs 30,295 on June 6.
* The India rupee, which eased on Friday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* MCX Gold sales have fallen by 70% compared to last year, said Haresh Acharya, head of the bullion desk at wholesaler Parker Bullion in Ahmedabad, adding, "demand would remain slow."

* MCX Gold demand is likely to remain sluggish in coming months due to the onset of monsoon rains and a relatively inactive season for weddings and festivals. High prices also attract scrap in the domestic Commodity market.

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