MCX Gold traders Pick Bargains in Thin Trade

Indian MCX Gold trade picked up bargains in low volume trading on Wednesday as prices extended their fall for the fifth session in a row to hit their lowest level in three weeks, though a weaker rupee kept the losses in check. More Information about trade visit my site

* The most-active MCX Gold for June delivery was 0.63% lower at Rs 28,472 per 10 grams, after hitting Rs 28,452, its lowest since April 17.

* The yellow metal has shed 3% since May 1, triggering buying by traders in the middle of the wedding season, that will last till May 15.

* "It (MCX gold buying) is slightly better compared to previous week due to correction in prices," said Ketan Shroff, director, Pushpak Bullion, a wholesaler in Mumbai.

* A weaker rupee kept the downside in prices limited. The rupee, which has depreciated 6% since January 31, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* The wedding season in India will taper off in mid-May, ushering in the lull MCX gold consumption season which will last until after the monsoon season from June through September.

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