Gold prices in India edged higher to reclaim the keenly-watched 30,000-rupees mark on Tuesday owing to a slight weakness in the rupee, driving away physical traders in a seasonally dull demand period.
* The most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.51 per cent higher at Rs 30,072 per 10 grams, after rising as much as Rs 30,119.
* The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal. The partially convertible rupee was a tad weaker at 55.72 rupees to the dollar than its 55.66/67 close on Monday.
* "Retail sales are poor... consumers are not accepting this price," said Harshad Ajmera, proprietor of J.J. Gold House in Kolkata in Hindi.
* Gold demand in India is likely to remain subdued in the coming months due to the onset of monsoon rains and a sluggish wedding and festival season.
* Silver also edged higher tracking the yellow metal.
* Silver for July delivery on the MCX was 0.67 per cent higher at Rs 54,200 per kg.
Copyright @Thomson Reuters 2012
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