Your browser (Internet Explorer 6) is out of date. It has known security flaws and may not display all features of this and other websites. Learn how to update your browser.

Gold importers wait for more price weakness

Gold importers in India, the world’s biggest buyer of the metal, sought bigger price falls even as a stronger rupee weighed on the yellow metal.

* Gold imports could slow in March due to tight liquidity ahead of the fiscal year-end. The wedding season, which pushes up demand, will re-start in April and continue till early June.

* At 3:25 p.m., the actively traded gold for April delivery on the Multi Commodity Exchange (MCX) was 0.28 percent lower at Rs 29,586 per 10 gram.

* “There are not many deals as the market is expecting lower levels. The rupee could appreciate from here so that way gold could be cheaper,” said a dealer with a state-run bank in Mumbai.

* The rupee, which reversed from its lowest level in two months on Monday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

Copy Protected by Chetans WP-Copyprotect.

Unique Views so far...
All Hits so far...