13 Jun '11, 11am

India gold eases tracking overseas mkt; demand muted

MUMBAI (Reuters) - India's gold futures eased on Monday afternoon following losses in the overseas markets, and demand in local spot market remained weak as the lean season gets underway, dealers said. * At 3:23 p.m., the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was down 0.36 percent to 22,463 rupees per 10 grams. * "Traditionally it is a lean season. We can see some improvement in demand only in July or if prices drop sharply. Jewellers, investors are not interested in buying at current level," said a Mumbai-based dealer with a private bank dealing in bullion. * International spot gold gave up early gains on Monday despite a rebound in the euro against the U.S. dollar, lacking impetus to surpass recent peaks and sustain an uptrend fuelled largely by a debt crisis in Europe. * The rupee, which has a bearing on the landed cost of dollar-quo...

Full article: http://sg.news.yahoo.com/india-gold-eases-tracking-overse...

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