udittrifid
Udit Trifid
Commodity Weekly Report for 06/May/2013 – 11/May/2013
Gold demand drops as prices rise on weak rupee.
Demand for gold in India, the world’s biggest consumer of the precious metal, dropped on Friday as local prices rose tracking overseas markets and on a weak rupee. ”Demand is very price-sensitive. The general perception among jewellers is prices will come down. That’s why whenever prices go above Rs 27,000, demand is slowing,”. ”Jewellers bought a lot of gold last month when prices fell below Rs 26,000. Now, they are interested in only bargain-buying,”. Indians celebrate Akshaya Tritiya in the third week of May, a time considered auspicious to buy gold, while the current wedding season continues until July. The rupee, which plays an important role in determining the landed cost of dollar quoted yellow metal, fell on Friday. In the overseas market, gold rose as a cut in interest rates by the European Central Bank and US Federal Reserve’s decision to stick to its stimulus programme burnished bullion’s appeal as a hedge against inflation.
For more info click here
Stock Tips Commodity Tips Mcx Tips
Gold demand drops as prices rise on weak rupee.
Demand for gold in India, the world’s biggest consumer of the precious metal, dropped on Friday as local prices rose tracking overseas markets and on a weak rupee. ”Demand is very price-sensitive. The general perception among jewellers is prices will come down. That’s why whenever prices go above Rs 27,000, demand is slowing,”. ”Jewellers bought a lot of gold last month when prices fell below Rs 26,000. Now, they are interested in only bargain-buying,”. Indians celebrate Akshaya Tritiya in the third week of May, a time considered auspicious to buy gold, while the current wedding season continues until July. The rupee, which plays an important role in determining the landed cost of dollar quoted yellow metal, fell on Friday. In the overseas market, gold rose as a cut in interest rates by the European Central Bank and US Federal Reserve’s decision to stick to its stimulus programme burnished bullion’s appeal as a hedge against inflation.
For more info click here
Stock Tips Commodity Tips Mcx Tips