Gold gains on prices, making rupee weaker and making the dollar-quoted yellow metal much costlier which is prompting physical traders to avoid booking fresh orders for gold.
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| Commodity Gold |
The gold seen most active gold in April month on delivery in the Multi Commodity Exchange (MCX) was making the trading 0.15% higher at Rs 20,355 per 10 grams and after hitting a high of Rs 20,379 rupees according to last level of February 4 which made a percent gain in contract in the previous session. But after all the buying was good in morning and gold supplies is showing signs of improvement after a shortage also due to excessive snowing in the refining areas and low carry-over stock. These made the supplies improved. This showed 18% rise in gold import and wedding season could further boost demand
Indian commodity market covers 20% of global demand for ornaments, and the next marriage season is going to make hike in the market. The harvesting season in India is coming which is also going to contribute rise in gold demand.
