India gold adds gains to high.

India gold rose on Monday afternoon, extending gains to over the highest level in more than a week, while traders retreated after picking up bargains last week as a weaker rupee made the dollar-quoted yellow metal expensive, dealers said.

The most-active gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.14% higher at Rs 22,654 per 10 grams at 1:56 p.m., after hitting a high of Rs 22,675, a level last seen on June 9.

"There were a few deals on Thursday and Friday... however there are no deals today," said a dealer with a state-run, bullion-dealing bank.

Dealers said premiums charged on the yellow metal on London prices eased by 20 cents to USD 1.2-1.4 an ounce due to lack of demand.

The Indian rupee weakened to its lowest in three weeks on Monday, weighed by losses in domestic shares and the euro, with dollar demand from oil companies also piling pressure.
The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.

India, the world's biggest buyer of yellow metal, is in a seasonally lean demand period due to monsoon as farmers divert their savings on agricultural equipments and fertiliser for summer-sown or kharif crops.

Comments

Post a Comment

Popular posts from this blog

Indian Retail Industry 2012 - 2013

Image
                                                                   Rajesh Thambala – Research Analyst   1.   Introduction T he Indian retail landscape is evolved from the brick-and-mortar model to adopt technology for connecting with consumers. The aim is to achieve a complete seamless customer experience. The Indian retail sector accounts for over 20% of the country’s gross domestic product (GDP) and contributes 8% to total employment. The cumulative foreign direct investment (FDI) inflows in single-brand retail trading, during April 2000 to June 2011, stood at 69.26 million USD. The current estimated value of the Indian ret...
Read more

The future of e-Learning

Image
                                                                                                  - Rajesh Thambala   Transforming education for future is an excellent introduction to how digital culture is influencing visions of education.  The argument is that the current educational system exists to prepare people for a 19th and 20th century, and that must be recreated in order to prepare students for future.  This goes beyond reading, writing, math, and science.  It explores the ...
Read more

The Indian retail industry 2020

The Indian retail industry is one of the fastest growing in the world. Retail industry in India is expected to grow to US$ 1.3 trillion by 2020, registering a Compound Annual Growth Rate (CAGR) of 16.7 per cent over 2015-20.    India is the fifth largest preferred retail destination globally. The country is among the highest in the world in terms of per capita retail store availability. India’s retail sector is experiencing exponential growth, with retail development taking place not just in major cities and metros, but also in Tier-II and Tier-III cities. Healthy economic growth, changing demographic profile, increasing disposable incomes, urbanisation, changing consumer tastes and preferences are the other factors driving growth in the organised retail market in India.    India’s population is taking to online retail in a big way. The online retail market is expected to grow from US$ 6 billion to US$ 70 billion during FY15-FY20.   Increasing p...
Read more