Demand for physical gold in key markets remained lackluster, meanwhile. Gold imports to India, historically the world's largest buyer, fell by $6.2 billion in the first two months of the fiscal year that began in April, compared with a year before, finance secretary R.S. Gujral said on Friday.
Gold buying in India has been hurt by weakness in the rupee, which pushed local prices to record highs, and the federal government's decision to double import duty on gold to 4 percent. Gold imports have been widely blamed as one of the reasons for the country's widening current account deficit.
The market remained underpinned by demand from central banks, meanwhile. Russian newswire Interfax reported a 15.6 tone rise in Russia's gold reserves in May.
Asad Khan
Financial Analyst (CFB)
050-8774861
asad@cfb.ae
Financial Analyst (CFB)
050-8774861
asad@cfb.ae
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