MCX Gold Trading Fall To Last One Month

MCX Gold in India fell on Wednesday to its lowest level in more than a month as it tracked overseas leads, triggering light physical buying from traders who sought to stock up for the upcoming festivals amid lower imports estimates. More Information about trading visit my site

* The most-active MCX gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.56% lower at Rs 29,265 per 10 grams, after hitting a low of Rs 29,234, a level last seen on June 8.

* "Some buying is going on, but volume wise it is still less," said a dealer with a private bank importing bullion in Mumbai.

* A series of festivals will start in India, the world's biggest consumer in 2011, in August and continue until December.

* Traders would also eye the progress of the monsoon rains, which have been scant so far. Rural areas, which contribute to 61% of the MCX gold demand, depend on monsoon rains for better farm productivity, yields and profits.

* MCX Gold imports could pick up in the second half of this year if prices ease, but annual volumes will still fall 30% after a tax hike that could crimp demand.

* MCX Silver too edged lower following the yellow metal to hit the lowest level in a week.

* MCX Silver for July delivery was 0.23% lower at Rs 52,530 per kg, after hitting a low of Rs 52,456, a level last seen on July 5.

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