(Updates to trends in the physical market)
* Spot gold up at $1,137.40 an ounce XAU=
* London Brent crude up at $75.83 a barrel LCOc1
* Rupee strong at 46.64 per dollar INR=IN
MUMBAI, Dec 9 (Reuters) - India’s gold physical offtake picked up on Wednesday as prices fell for a fifth day in a row, when a strong dollar overseas weighed on the yellow metal, dealers said.
“Demand has definitely picked up now, but traders are still doing small ticket sizes,” said a dealer with a state-run bullion dealing bank in Mumbai.
The most-traded February contract MAUc1 was trading 1.24 percent lower at 17,228 rupees per 10 grams at 3:20 p.m., after losing more than 4 percent in the previous four sessions.
The euro fell to a one-month low against the dollar on Wednesday as investors unwound positions in riskier assets ahead of the year-end, prompted in part by rising debt woes for Greece and Dubai.[USD/]
A strong dollar dims the yellow metal’s appeal as an alternative investment.
Dealers said a slight price correction could spur additional wedding demand.
“I have orders all the way.... some below $1,120 (an ounce) and bulk below $1,100,” said another dealer with a state-run bank.
Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15 p.m. INBULL03:
Gold .999/10 grams 17,350 17,740
Silver .999/kg 28,500 29,410
Following were prices in rupees on the Multi Commodity Exchange of India Ltd. at 3:20 p.m. <0#MAU:>:
Contract Current price Net change
Feb gold 17,231 -214
Mar silver 27,781 -271
Reporting by Siddesh Mayenkar; Editing by Sunil Nair