Today Demand for MCX gold in India, one of the world's top consumers, stayed weak on Wednesday after a fall in the rupee kept prices in the local market above the psychologically significant level of Rs 29,000 per 10 grams despite a drop overseas.The most-active mcx gold for June delivery on the Multi Commodity Exchange (MCX) was down 0.15% at Rs 29,043 by 7:11 p.m. More Information about mcx today tips visit my site mcx-today.blogspot.com
"Volatile rupee is keeping buyers on sidelines. They are seeking some stability in rupee and gold prices," said a Mumbai-based dealer with a state-run bank, which imports bullion.
The rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal, hit a record low against dollar for the sixth straight session on Wednesday.
Global MCX gold prices fell, coming under pressure as concerns that a European Union meeting later on Wednesday would fail to significantly ease worries over the euro zone debt crisis lifted the dollar to a 21-month high against the euro.
The wedding season is coming to an end in India, while the festival season has ended. Usually demand remains weak during monsoon months in the south Asian country.
In volume terms, MCX gold demand in the first quarter of 2012 fell 28% in India, with the sharpest fall coming in investment demand segment - which tumbled 47%.
MCX Gold demand in India is likely to moderate in 2012 as higher inflation trims disposable income at a time prices are stubbornly high on a weak rupee, the head of the World Gold Council in the country told Reuters on May 17.
"Volatile rupee is keeping buyers on sidelines. They are seeking some stability in rupee and gold prices," said a Mumbai-based dealer with a state-run bank, which imports bullion.
The rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal, hit a record low against dollar for the sixth straight session on Wednesday.
Global MCX gold prices fell, coming under pressure as concerns that a European Union meeting later on Wednesday would fail to significantly ease worries over the euro zone debt crisis lifted the dollar to a 21-month high against the euro.
The wedding season is coming to an end in India, while the festival season has ended. Usually demand remains weak during monsoon months in the south Asian country.
In volume terms, MCX gold demand in the first quarter of 2012 fell 28% in India, with the sharpest fall coming in investment demand segment - which tumbled 47%.
MCX Gold demand in India is likely to moderate in 2012 as higher inflation trims disposable income at a time prices are stubbornly high on a weak rupee, the head of the World Gold Council in the country told Reuters on May 17.
No comments:
Post a Comment