MCX Gold Price Demand in India Continues

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Demand for MCX gold in India, one of the world's top consumers, remained subdued on Monday as local prices rose tracking overseas gains and as the rupee hit a new all-time low against the dollar. More Information about mcx gold price visit my site mcx-trade-tips.blogspot.com



* The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was up 0.54% at Rs 29,128 by 5:02 p.m. The contract hit a low of Rs 27,856 on May 16, the lowest level since April 4.

* "In a week, the prices have risen over Rs 1,000. Buyers are finding it difficult to adjust with the price rise. They are waiting for a correction," said a Mumbai-based dealer with a private bank, which imports bullion.

* Global MCX gold inched up towards USD 1,600 an ounce on Monday, tracking a steady euro after world leaders pledged to combat financial turmoil, although worries about Greece and the euro zone debt crisis continued to feed caution in the financial markets.

* The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal. The rupee hit a new record low of 56 per dollar on Monday, from Friday's closing of 54.42-45.

* "The festival season is already over. The wedding season is coming to an end. We are now heading towards a traditionally lean demand season. Jewellers will do restocking only if prices fall sharply," the bank dealer said.