Gold demand sluggish as prices move higher
MUMBAI (Reuters) - Gold demand in India, the world's biggest buyer of the metal, remained subdued on Tuesday as prices moved higher tailing gains in overseas prices late on Monday.
Overseas gold jumped on the last trading day of 2012 to finish up 6 percent on the year on news of a possible U.S. fiscal deal, which lifted a market that had rallied earlier in the year on low interest rates, euro zone worries and central bank demand for bullion.
The actively traded gold contract for February delivery on the Multi Commodity Exchange (MCX) was 0.17 percent higher at 30,912 rupees per 10 grams as of 1052 GMT.
"Investment demand is weak as people are not expecting much upside in prices. Jewellers are also on sidelines," said a Mumbai-based dealer with a private bank.
The rupee, which rose on Tuesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
The March silver contract on the MCX rose 0.07 percent to 57,905 rupees per kg.
(Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu)
- Tweet this
- Share this
- Digg this
- Ten countries scour sea for Malaysia jet lost in "unprecedented mystery"
- Pilot of missing Malaysian flight an aviation tech geek
- Rupee hits 7-month high as custodian banks sell dollars
- UPDATE 2-China steel and iron futures fall to lowest ever levels
- Missing Malaysian jet may have disintegrated in mid-air - source
The disappearance of a Malaysian jetliner is an "unprecedented aviation mystery", a senior official said on Monday, with a massive air and sea search now in its third day failing to find any confirmed trace of the plane or the 239 people aboard. Full Article