Saturday, 7 July 2012

MCX Gold Demand Improves in India As Prices Drop

Demand for MCX gold in India, one of the world's leading consumers, improved on Friday after prices eased, tracking a drop in the world Stock market, though a weak rupee limited the fall. More information about mcx tips india visit my site

The most active MCX gold contract for August delivery on the Multi Commodity Exchange (MCX) Gold was down 0.46% at Rs 29,611 per 10 grams by 4:55 pm.

World MCXC gold prices edged down on Friday as a stronger dollar hurt European appetite for the metal and as investors waited for US jobs data to help gauge the health of the world's top economy.

The Indian rupee, which eased nearly 1% on Friday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

"Since marriage period and key celebrations are over, the present need is price delicate. Customers are coming into in to the industry as and when costs are solving," said a Mumbai-based supplier with a personal financial institution working in gold.

"But considerable enhancement in need is unlikely in short-term as there is no significant event this 30 days. Besides, in non-urban Indian individuals are concerned about monsoon down pours."

Good monsoon rains are vital to incomes in rural areas, which contribute to 60% of MCX gold imports, dealers said. The country has so far received 31% lower rains than normal since the beginning of the monsoon season on June 1.

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