August 21, 2017

MTECHTIPS

MTECHTIPS:Gold demand in India moderates; strong rupee checks prices

Gold demand in India, the world’s biggest buyer of the metal, was moderate on Friday as jewellers replenished inventory for festivals and the wedding season, but retail and investment demand remained sluggish.The actively traded gold contract for Feb delivery on the MCX was 0.25 percent lower at Rs 30,746 per 10 grams.A stronger rupee is capping the upside in gold prices. Jewellers are buying. They think it’s a good time to buy, but retail demand is weak. People are in holiday mood due to year-end,”

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