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
- UPDATE 1-Boehner erupts at conservative groups ahead of U.S. budget vote
- South Africa admits error over 'schizophrenic' Mandela signer |
- Air strike kills 15 civilians in Yemen by mistake-officials
- UPDATE 2-Hilton Worldwide Holdings shares climb 9 percent in IPO
- UPDATE 2-Bangladesh executes Islamist leader, deadly clashes on streets
India's battle with inflation and weak economic growth became more challenging on Thursday with a sharp spike in the cost of food driving the highest retail price rises on record and a worse-than-anticipated contraction in industrial production. Full Article
Amount of dirty money leaving developing world jumped 14 pct in 2011 - report. Full Article