Gold traders book deals as prices off 10-wk high

Gold traders in India, the world's biggest buyer of bullion, booked deals after prices came off a ten-week high hit in the previous session, dealers said.

The most-active gold for April delivery on the Multi Commodity Exchange (MCX) was at Rs 28,670 per 10 grams, down about 1% from last week's high of 28,944, its highest level in more than 10 weeks.

"We have done decent trades since morning... gold is slightly off from last week's high, rupee close to 49.00 attractive and market's view prices to further go up," said a dealer with a private bank in Mumbai.

However, the dealer said gold may see further upside, helped by higher oil prices. A weaker rupee also kept prices supported on Monday.

 

The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

Silver for March delivery on the MCX was 0.27% higher at Rs 58,594 per kg.