Tuesday, 21 August 2012

MCX Today Tips For Gold Demand Stays Weak as Rate Up

Today Demand for MCX gold in India, the world's biggest consumer, stayed subdued on Friday after rate moved higher tracking a similar trend overseas and as poor monsoon rainfall slashed purchases in key southern stock markets. More Information about mcx today tips visit my site mcx-today.blogspot.com

* The most active on MCX gold for October delivery on the Multi Commodity Exchange was up 0.23% at Rs 30,172 per 10 grams by 0926 GMT, not far from a record high of Rs 30,427 hit in June.

* "Unless we see significant correction in rate, demand is likely to remain sluggish," bullion dealer with a private bank.

* International spot MCX gold extended gains from the last session, when it rose the most in last two weeks on German Chancellor Angela Merkel's support for more action by the European Central Bank to fight the bloc's debt crisis.

* MCX Gold demand in India is likely to fall by a fifth in the second half of 2012 from a year ago on higher rate and as weak monsoon rains hurt incomes of rural households, a senior World MCX Gold Council (WGC) official said on Thursday.

* India is facing its second drought in just four years, which can drive up food prices and erode spending power, crimping demand for goods from tractors to MCX gold. More than half the population relies on the rural economy.

* Investment and jewellery demand from Indian consumers plummeted 37% to 181.2 tonnes in the second quarter of 2012.

* Indian Festival season began last week in India and will peak in November. The wedding season will also unfold during the period.

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