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Gold demand stays slack; silver at 5-month high

MUMBAI: Indian gold traders refused to book the yellow metal for upcoming weddings and festivals, as prices stayed near the resistance level, dealers said.* The most-active gold for April delivery on the Multi Commodity Exchange (MCX) was at 28,845 rupees per 10 grams, not far away from the 10-week high of 28,944 rupees struck on...

SAMAA | - Posted: Feb 29, 2012 | Last Updated: 9 years ago
SAMAA |
Posted: Feb 29, 2012 | Last Updated: 9 years ago
Gold demand stays slack; silver at 5-month high

MUMBAI: Indian gold traders refused to book the yellow metal for upcoming weddings and festivals, as prices stayed near the resistance level, dealers said.* The most-active gold for April delivery on the Multi Commodity Exchange (MCX) was at 28,845 rupees per 10 grams, not far away from the 10-week high of 28,944 rupees struck on February 23.* “Demand is zero as none of my 200 customers are willing to buy,” said Haresh Acharya, head of bullion desk, Parker Bullion in Ahmedabad.* Currently wedding season is underway in India, the world's biggest consumer of gold. Festivals are also due from next month.* Early strength in the rupee also weighed on sentiment.* The rupee plays an important role in determining the landed cost of gold, which is quoted in dollars.* Silver was up following copper, another industrial metal, extending gains to touch the highest level in five months.* Silver for March delivery on the MCX was 0.36 percent higher at 61,100 rupees per kg. AGENCIES

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