India gold price little changed,demand weaken

Gold imports by India plunged 56 per cent to 125 tonnes in the fourth quarter.

Gold demand in India,the world’s top consumer of the metal,was weak on Monday as buyers held off purchases to await indications from world markets,most of which were closed,dealers said.

* Many key international markets including the US are closed today. People want to know about the trend in the world market. Many feel prices will fall from the current level,said a Mumbai-based dealer with a private bank dealing in bullion.

* The ongoing Khar Mass also hurt demand,dealers said. Khar Mass is a month in the Hindu calendar from Dec. 16 to Jan. 14 that is considered inauspicious for gold buying and starting new ventures.

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* At 4:02 pm,the most-active February gold on the Multi Commodity Exchange was down 0.11 per cent at 27,298 rupees per 10 grams.

* International spot gold was trading at $1,566.56 an ounce.

* The rupee,which plays an important role in determining the landed cost of dollar-quoted gold,eased to 53.15 to the dollar,from Friday’s close of 53.08/09,on concerns that government’s widening fiscal deficit could pull down equities and cause foreign fund outflows.

Gold imports by India plunged 56 per cent to 125 tonnes in the fourth quarter,cutting full-year imports by 8.4 per cent as record high prices and high interest rates hit demand,the head of India’s leading bullion body said.

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