Gold extends losses to Rs 17,228/10 gms

Gold's physical offtake picked up on Wednesday as prices fell for a fifth day in a row.

India’s gold physical offtake picked up on Wednesday as prices fell for a fifth day in a row,when a strong dollar overseas weighed on the yellow metal,dealers said.

“Demand has definitely picked up now,but traders are still doing small ticket sizes,” said a dealer with a state-run bullion dealing bank in Mumbai.

The most-traded February contract was trading 1.24 per cent lower at Rs 17,228 per 10 grams at 3:20 p.m.,after losing more than 4 per cent in the previous four sessions.

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The euro fell to a one-month low against the dollar on Wednesday as investors unwound positions in riskier assets ahead of the year-end,prompted in part by rising debt woes for Greece and Dubai.

A strong dollar dims the yellow metal’s appeal as an alternative investment.

Dealers said a slight price correction could spur additional wedding demand.

“I have orders all the way…. some below $1,120 (an ounce) and bulk below $1,100,” said another dealer with a state-run bank.

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