Thursday May 8, 02:42 PM
India spot gold rises on domestic demand, weaker rupee
MUMBAI (Thomson Financial) - India spot gold prices rose for the third consecutive trading session supported by domestic retail buying and a weaker rupee, traders said.
Meanwhile, in London, gold eased in early trade as the greenback
extended gains against the euro, reducing the gold's appeal as an alternative investment to the dollar.
'However, wholesale demand has vanished with higher prices,' said Malle Kumar Daga, managing director of Chennai-based JK Jewellers Pvt. Ltd.
The Indian rupee fell to a one-year low of 41.18 as record high oil prices pushed up dollar demand from refiners and weak stock markets doused hopes of foreign inflows, traders said.
Mumbai gold of 0.995 purity closed 95 rupees higher, at 11,750 rupees per 10 grams, while gold of 0.999 purity closed 90 rupees higher at 11,805 rupees per 10 grams.
Silver of 0.999 purity closed 100 rupees higher at 23,120 rupees per kilogram.
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