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Gold slightly down on strong rupee

Source : REUTERS
Last Updated: Thu, Mar 21, 2013 10:02 hrs
Worker displays gold jewellery at shop in Mumbai

Gold traded a tad lower on Thursday, weighed by a stronger rupee amid steady overseas markets, with importers on the sidelines due to an inauspicious buying period due for next week.

At 3:12 p.m., the actively traded gold for April delivery on the Multi Commodity Exchange (MCX) was 29,645 rupees per 10 grams, down 0.12 percent due to a firmer rupee.

The rupee, which traded firm on Thursday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

In the overseas markets, gold traded steady as a let up in worries over Cyprus's bailout checked the metal's sharp recent advances, while a pledge by the U.S. Federal Reserve to stick with its loose monetary policy lent it support.

"Few deals are there but volumes are thin, as prices are up and gold is still above $1,600 (an ounce). Demand scenario will be dull as we are approaching towards the year-end," said a dealer with a private bullion dealing bank in Mumbai.

The fiscal year runs from March to April, while wedding season will restart next month and continue until early June.

Silver for May delivery on the MCX was 0.05 percent lower at 54,306 rupees per kg.




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