In India MCX Gold Prise Keeps Buyers At Bay

MCX Gold demand at Indian spot market remained subdued on Tuesday, hammered by a rise in prices due to firm overseas markets and a weak rupee, just ahead of the lean buying season. More information visit my site

* The most-active June delivery on the Multi Commodity Exchange (MCX Gold) was up 0.43% at Rs 29,080 per 10 grams by 5 p.m.

"Buyers are not interested in purchases above Rs 29,000. They are waiting for prices to correct," said a Mumbai- based dealer with a private bank dealing in bullion.

"Jewellers are holding back purchases. They want to restock at lower level. They are not in hurry as monsoon season is approaching," he said.

Global MCX gold rose back above US 1,576 an ounce on Tuesday, tracking gains in the euro as the single currency edged off two-year lows against the dollar.

* The rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal, fell on Tuesday, snapping three sessions of gains.

* MCX Gold demand in India is likely to moderate in 2012 as higher inflation trims disposable income at a time prices are stubbornly high on a weak rupee, the head of the World Gold Council in the country said earlier this month.

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