India gold futures continue slide in afternoon trade

February 25, 2009

Commodity Online
NEW DELHI : Gold futures continued to trade in negative territory in Wednesday’s afternoon trade as rupee maintained a slender lead amid continued profit taking.

The April contract on the Multi Commodity Exchange of India at 15,294 rupees, down 190 rupees from the previous close.

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The yellow metal fell 2.5 percent in the previous session. Silver prices also dropped on lack of industrial demand at higher levels coupled with stockists offerings.

Standard gold fell by Rs 365 per ten grams to resume at Rs 15,340 from Tuesday’s closing level of Rs 15,705. Pure gold also moved down to Rs 15,405 from Rs 15,780.

Silver ready slipped by Rs 880 per kilo to Rs 22,355 from 23,235 on Tuesday.

Lack of buying interest at higher levels coupled with lower global advices affected the prices of precious metals.

On Tuesday, gold futures fell in New York for a second straight session, further retreating from $1,000 an ounce to end at $969.10, showing a loss of $25.50 an ounce on profit-taking after the precious metals's recent rally.

Gold futures had witnessed their new all-time high of 16,040 rupees per 10 grams on Friday as growing concerns over the global economy redoubled investor’s fervor for the safe-haven asset.

The Indian rupee edged higher on Wednesday as gains in domestic shares eased concerns about outflows, but the dollar's strength overseas and demand from importers prevented a sharper rise. A firm rupee makes the dollar-denominated gold cheaper.

Gold imports nearly halved to 400 tonnes in 2008 in India, the world largest consumer, from an annual average of around 700-800 tonnes per annum.

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