India's gold demand slowed to a trickle on Monday, after having picked up the previous week when well-stocked traders braced for a wedding season, which lasts till June end, dealers said.
"Since morning we have sold around 50 kgs of gold due to a rising rupee, but it is not good as last week, when we managed to sell around 200 kgs," said a dealer with a state-run bank in Mumbai.
An appreciating rupee makes the dollar-quoted gold cheaper. The Indian rupee rose to its strongest in three months in mid-morning trade, buoyed by broad losses in the dollar overseas, though it weakened later. See [ID:nBOM104049]
Gold traders have been stocking the yellow metal after better-than-expected Akshaya Tritiya sales on hopes of a good wedding season.
