Saturday, 21 July 2012

Today MCX Tips India In Gold Demand Higher and Physical Weak

Today in MCX Tips India Gold edged higher on Friday, helped by global stock markets and a weaker rupee, with physical traders eager to book deals ahead of the festivals months. More Information about mcx tips india visit my site

* At 2:44 pm, the most-active MCX gold for August delivery on the Multi Commodity Exchange (MCX) Gold was 0.27% up at Rs 29,235 per 10 grams.

* Overseas MCX gold hovered near USD 1,580 per ounce as investors clung to hopes for more monetary easing from the US central bank after weak data in the previous session.

* The Indian rupee, which weakened on Friday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* MCX Gold imports into India have already witnessed a more than 51% drop, and continue to fall in coming quarters.

* "Demand has stunted down again... there could be offtake if costs drop to Rs 28,800," said Ketan Shroff, home with Pushpak Gold, a wholesaler / retailer in Mumbai.

* A below-average monsoon could impact farm income. Most of the country's gold imports happen through rural areas.

* India's MCX gold imports fell by over 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% import duty encourage traders to use scrap, a Reuters poll showed.

* MCX Silver traded flat. MCX Silver for September delivery on the MCX was 0.01% higher at Rs 52,676 per kg.

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