Indian Gold Up From Six-Week Slump

Reuters reported that Indian gold is recovering from a six-week low with a 0.26 percent gain, in line with global markets.

As quoted in the report:

At 2:31 pm, the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.26 percent higher at 29,236 rupees per 10 grams, recovering from the last session’s low of 29,142 rupees, a level last seen on June 8.

A dealer with a private bank in Mumbai commented:

The market is waiting for a further correction to buy… people are not getting the benefit of a drop in overseas prices due to a weaker rupee.

Click here to read the full Reuters report.