Thursday June 12, 03:24 PM
India gold demand picks up as prices move lower |
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MUMBAI (Reuters) - India's gold demand improved on Thursday as prices softened tracking a weakness in the overseas markets, dealers said.
"The demand is slowly picking up as prices have started to come down," said Nilesh Shah of Mumbai-based Shubham Jewels.
The benchmark August contract on the Multi Commodity Exchange of India fell more than 100 rupees on weak international markets and falling oil prices.
Overseas gold eased more than 1 percent on Thursday, with the dollar bouncing back to a one-month high and oil prices dipping adding to the selling pressure.
Most of India's gold is imported and the domestic price mirrors international trend.
If prices would were to dip below 12,000 rupees, one can see more demand, said a dealer at a large private bank.
Following was the price being quoted by a bullion bank in rupees per 10 grams for .995 gold at 1:15 p.m. :
Bank Thursday Wednesday
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HDFC Bank 12,170 12,220
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 3:03 p.m. :
Contract Current price Net change
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Aug 12,108 -133
Oct 12,153 -129
(Reporting by Debiprasad Nayak)
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