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Gold demand improves in India as prices drop
MUMBAI (Reuters) - Demand for gold in India, one of the world's leading consumers, improved on Friday after prices eased, tracking a drop in the world market, though a weak rupee limited the fall.
The most active gold contract for August delivery on the Multi Commodity Exchange (MCX) was down 0.45 percent at 29,611 rupees per 10 grams by 4:54 p.m.
International gold prices edged down on Friday as a stronger dollar hurt European appetite for the metal and as investors waited for U.S. jobs data to help gauge the health of the world's top economy.
The rupee, which eased nearly 1 percent on Friday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
"Since wedding season and key festivals are over, the current demand is price sensitive. Buyers are entering in to the market as and when prices are correcting," said a Mumbai-based dealer with a private bank dealing in bullion.
"But significant improvement in demand is unlikely in short-term as there is no major festival this month. Besides, in rural India people are worried about monsoon rains."
Good monsoon rains are vital to incomes in rural areas, which contribute to 60 percent of gold imports, dealers said. The country has so far received 30 percent lower rains than normal since the beginning of the monsoon season on June. 1.
(Reporting by Rajendra Jadhav; Editing by Anupama Dwivedi)
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