Tuesday, 24 July 2012

MCX Gold Need Lessens as Costs Hit 2-week High

A weaker indian rupee helped MCX gold futures surge past their highest level in nearly a fortnight, hurting purchases by mcx gold wholesalers, who had sought to stock for the festival season amid a gloomy import outlook. More Information about Free mcx gold tips visit my site mcx-today.blogspot.com

* The most-active MCX gold for August delivery on the Multi Commodity Exchange hit a high of 29,398 rupees per 10 grams last Monday, the level last seen on July 11, before trading 0.36% higher at  Rs 29,386 per 10 grams at 0820 GMT.

* Imports of mcx gold into India have been subdued so far this year, with occasional buying at sub-Rs 28,000 level.

* "Buying is zero as rupee has decreased again," said over expert, go of gold table.

* The rupee, which decreased to its minimum in over a week, performs an important part in identifying the arrived cost of the dollar-quoted gold.

* A below-average monsoon could impact farm incomes and thereby mcx gold demand as most of the country's gold imports target rural areas.

* India's mcx gold imports fell by over a half in the June quarter and could slide by a third over the next three months as prices inflated by a weak rupee and a 4 percent import duty encourage traders to use scrap, a Reuters poll showed.

* MCX Silver edged lower following copper, another industrial metal.

* MCX Silver for September delivery on the MCX was 0.27% lower at Rs 52,698 per kg.

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