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Journalism of Courage
India gold prices fell from record high,extending losses for another session,following overseas markets,prompting traders to stock ahead of Akshaya Tritiya,slated early next month,dealers said.
The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was trading 0.27 percent lower at 21,926 rupees,falling from a record high of 22,172 rupees hit in the previous session.
“We have done good sales from morning. I covered for 150 kgs at $1,498-1,504 (an ounce),” said a dealer with a state-run bank in Mumbai,adding “I have plenty of enquiries for silver as well.”
Silver fell sharply from its record high following the yellow metal.
Overseas silver fell nearly 5 percent,snapping a rally in previous sessions that had carried it close to a record high,as option traders sold back metal to cover risks ahead of options expiry later in the day.
A weaker rupee kept the downside in prices limited,analysts said. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.
The Indian rupee weakened,dragged by month-end demand for dollars from oil refiners and weak local equities,with sentiment turning cautious a day before the U.S. Federal Reserve’s rate decision.
India,the world’s largest consumer of the yellow metal,will celebrate Akshaya Tritiya on May 6,when demand for bullion tends to go up.
