India's gold buying stays weak as prices hit 2-month high
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Gold demand stayed weak in India, the world's top buyer of the yellow metal, as prices touched a near two-month high.
At 3:26 p.m., the most-active gold for April delivery on the Multi Commodity Exchange (MCX) was trading 0.17 percent higher at 28,422 rupees per 10 grams, after rising as much as 28,429 rupees, a level last seen on December 14.
"Buying is slightly subdued on current levels," said a dealer with a bullion importing private bank in Mumbai.
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There was good demand below 28,000 rupees level, the dealer said.
A stronger rupee kept the upside in prices limited. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.
Silver too extended gains to a two-month high.
Silver for March delivery on the MCX was 0.72 percent higher at 57,678 rupees per kg, after hitting 57,777 rupees, its highest level in two months.
At 1:15 p.m., the following were the prices in rupees being quoted by the HDFC Bank in the spot market:
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