Today in Indian MCX gold edged lower on Wednesday afternoon with physical traders watching the progress of monsoon rain, vital to MCX gold demand in rural areas, though a weaker Indian rupee kept the downside limited. More Information about mcx tips visit my site mcx-trade-tips.blogspot.com
* The most active MCX gold for August delivery on the Multi Commodity Exchange (MCX Gold) was 0.16% lower at Rs 29,244 per 10 grams.
* Global MCX gold edged lower, extending losses from the previous session when U.S. Federal Reserve Chairman Ben Bernanke disappointed MCX gold bugs by offering no signs of imminent monetary stimulus measures.
* The Indain rupee, which traded weaker on Wednesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* Rural areas, which depend on monsoon and agriculture, contribute to about 60% of India's MCX gold demand.
* "Nothing is happening... we might have good physical offtake after the monsoon," said Ketan Shroff, director with Pushpak Bullion, a wholesaler in Mumbai.
* Festivals will start from early next month and continue till November.
* MCX Silver also fell in tandem with the yellow metal.
* MCX Silver for September delivery was 0.28% lower at Rs 52,743 per kg.
* The most active MCX gold for August delivery on the Multi Commodity Exchange (MCX Gold) was 0.16% lower at Rs 29,244 per 10 grams.
* Global MCX gold edged lower, extending losses from the previous session when U.S. Federal Reserve Chairman Ben Bernanke disappointed MCX gold bugs by offering no signs of imminent monetary stimulus measures.
* The Indain rupee, which traded weaker on Wednesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* Rural areas, which depend on monsoon and agriculture, contribute to about 60% of India's MCX gold demand.
* "Nothing is happening... we might have good physical offtake after the monsoon," said Ketan Shroff, director with Pushpak Bullion, a wholesaler in Mumbai.
* Festivals will start from early next month and continue till November.
* MCX Silver also fell in tandem with the yellow metal.
* MCX Silver for September delivery was 0.28% lower at Rs 52,743 per kg.
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