Monday, June 16, 2008
Gold demand remains low on firm prices
India's gold demand was sluggish on Monday as customers were cautious
of firm prices, dealers said.
"Prices have not come down during the weekend. They are still above
12,000 rupees, which is keeping customers away from the market," said
Ashok Gupta, partner at Delhi-based Ganpati Traders.
At 3:38 p.m. the benchmark August contract on the Multi Commodity
Exchange of India Ltd was trading at Rs 12,180 per 10 grams, compared
with Rs 12,115 on Saturday.
The lack of festivals and weddings, which will now start in August,
also kept demand low, said a dealer with a large private bank.
Separately, India's gems and jewellery exports rose 33.3 percent in
the first two months of fiscal 2008/09 on higher demand for cut-and-
polished diamonds and coloured gemstones, an industry body said on
Monday.
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