MUMBAI: Gold edged lower on Thursday afternoon tracking overseas markets, but traders were unwilling to book deals as a weaker rupee capped the downside in prices, dealers said.
"The weak rupee is keeping traders at bay. I have advanced orders at $1,384 an ounce," said a dealer with a state-run bullion importing bank.
The most-active April contract on the Multi Commodity Exchange (MCX) was trading 0.16 percent lower at 20,618 rupees per 10 grams, after hitting a low of 20,553 rupees.
Overseas gold fell in its biggest weekly slide since January, under pressure from the ongoing investor liquidation to cover losses in equities, which tumbled as Japan took desperate steps to avert nuclear crisis.
The Indian rupee weakened, weighed by a fall in domestic shares on fears of a worsening nuclear crisis in Japan.
The high-demand wedding season is underway in India, the world's largest consumer of the yellow metal. India's gold imports in Oct-Dec rose 30 percent to 265 tonnes.
"The weak rupee is keeping traders at bay. I have advanced orders at $1,384 an ounce," said a dealer with a state-run bullion importing bank.
The most-active April contract on the Multi Commodity Exchange (MCX) was trading 0.16 percent lower at 20,618 rupees per 10 grams, after hitting a low of 20,553 rupees.
Overseas gold fell in its biggest weekly slide since January, under pressure from the ongoing investor liquidation to cover losses in equities, which tumbled as Japan took desperate steps to avert nuclear crisis.
The Indian rupee weakened, weighed by a fall in domestic shares on fears of a worsening nuclear crisis in Japan.
The high-demand wedding season is underway in India, the world's largest consumer of the yellow metal. India's gold imports in Oct-Dec rose 30 percent to 265 tonnes.
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