Gold stayed flat as a weaker rupee outweighed leads from overseas markets, with traders seeking direction in prices before booking deals to stock for festival season.
The most-active gold for October delivery on the Multi Commodity Exchange (MCX) was at Rs. 29,802 per 10 grams, up 0.12% at 2:16pm, still near the previous session’s low of Rs. 29,756, a level last seen on 24 July.
Global gold was little changed on Wednesday after climbing for three days, supported by hopes that Europe and the United States would launch more stimulus measures to help shore up their faltering economies.
The rupee, which weakened on Wednesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
Physical buying still remained low as prices stayed near the keenly watched Rs. 30,000 mark, with traders bracing for a bad season after expectations of deficient monsoon rains.
“Festival demand is not materialising yet. Prices are consolidating and not giving clear direction,” said an official from a private bullion importing bank.
Rural areas, which depend on monsoons for yields and income, contribute to about 60% of the country’s demand.
Silver traded lower following global leads.
Source:http://www.livemint.com/2012/08/08154300/Gold-prices-flat-silver-slips.html?h=B
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