India gold traders hunted for bargains to stock up for weddings on Friday afternoon as prices fell more than 1.5 percent from Tuesday's record high.
International gold was trading $1,383.05/1,383.80 an ounce as against the previous close of $1,409.39/1,410.20.
Domestic gold on the Multi Commodity Exchange (MCX) was trading at 20,221 rupees per 10 grams, down 1.69 percent from their record high of 20,569 rupees struck on Nov. 9.
A weaker rupee weighed on traders sentiment, keeping the downside limited.
The Indian rupee extended its fall to a one-month low as broad gains in the U.S. unit versus majors, and bunched up demand for dollars a day after the Veteran's Day holiday in the U.S., weighed.
The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.
Traders expect gold buying in India, which gained momentum despite higher prices during last week's Dhanteras and Diwali festivals, to continue on account of wedding.
India is the world's largest consumer of bullion.
Aluminium, Copper, Crude, Gold, Lead, Natural Gas, Nickel, Silver, Zinc - These are involved in our life to that extent, we can't even dream to live without them. |
RECENT ARTICLES
No comments:
Post a Comment