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.
Financial Analyst (CFB)