Gold importers in India, the world’s biggest buyer of the metal,
sought bigger price falls even as a stronger rupee weighed on the yellow metal.
* Gold imports could slow in March due to tight liquidity ahead
of the fiscal year-end. The wedding season, which pushes up demand, will
re-start in April and continue till early June.
* At 4.44 p.m., the actively traded gold for April delivery on
the Multi Commodity Exchange (MCX) was 0.33 percent lower at Rs 29,532 per
10 gram.
* “There are not many deals as the market is expecting lower
levels. The rupee could appreciate from here so that way gold could be
cheaper,” said a dealer with a state-run bank in Mumbai.
* The rupee, which reversed from its lowest level in two months
on Monday, plays an important role in determining the landed cost of the
dollar-quoted yellow metal.
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