GOLD opened the week on a bullish note in the domestic market as stockists turned active buyers in expectation of good wedding demand. On Monday, the price of standard gold rose by Rs 30 to close at Rs 14,385 per 10 gm in Mumbai. Reports that the yellow metal surged by more than $5 an ounce in other Asian markets, which triggered fresh bout of stockists buying in local markets. Spot gold prices rose by $5.80 to $891.60 an ounce. In tandem with spot, gold rose marginally by 0.1% in futures in early trade due to good demand at existing lower levels amid a firming trend in physical trading for the ongoing marriage season, sources said. On MCX, gold for the mostactive October contract gained 0.13% to Rs 14,330 per 10 gm at 11:45 am locally in trading of eight lots. Similarly, the metal for delivery in August traded higher by 0.10% to Rs 14,314, clocking 160 lots. Meanwhile, India imported about 30 tonnes of gold in April, up 25% from the same month last year, helped by a drop in prices and festival demand, the head of a trade body said on Monday.
"Prices were a bit lower, so there was buying," said Suresh Hundia, president, Bombay Bullion Association, adding "If prices fall below Rs 14,000 per 10 gm, buying will increase this month."
Indians bought 45 tonnes of gold during this year's Akshaya Tritiya festival, down 8% from last year, the World Gold Council said in the past week. But a strong rupee restricted the upside in the dollarquoted asset. The rupee rose to its highest in more than two weeks as firmer Asian currencies and gains in the domestic share market heightened expectations of more capital inflows into Indian assets. Third European central bank pact on sales curb
LONDON: Gold bugs are tantalised by the prospect of a third European central bank pact to limit sales of the precious metal, with the International Monetary Fund seen figuring heavily in a move that should underpin the investment case for bullion. European central banks have agreed to regulate gold sales under the terms of two successive Central Bank Gold Sales Agreements (CBGA) starting in 1999, which have been key in supporting an eight-year bull market rally that saw prices top the $1,000 an ounce mark. — Reuters
"Prices were a bit lower, so there was buying," said Suresh Hundia, president, Bombay Bullion Association, adding "If prices fall below Rs 14,000 per 10 gm, buying will increase this month."
Indians bought 45 tonnes of gold during this year's Akshaya Tritiya festival, down 8% from last year, the World Gold Council said in the past week. But a strong rupee restricted the upside in the dollarquoted asset. The rupee rose to its highest in more than two weeks as firmer Asian currencies and gains in the domestic share market heightened expectations of more capital inflows into Indian assets. Third European central bank pact on sales curb
LONDON: Gold bugs are tantalised by the prospect of a third European central bank pact to limit sales of the precious metal, with the International Monetary Fund seen figuring heavily in a move that should underpin the investment case for bullion. European central banks have agreed to regulate gold sales under the terms of two successive Central Bank Gold Sales Agreements (CBGA) starting in 1999, which have been key in supporting an eight-year bull market rally that saw prices top the $1,000 an ounce mark. — Reuters
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