(Reuters) - Indian gold extended gains for an eighth session running to hit a record high on Tuesday, aided by a weaker rupee and firm overseas markets.
* The high prices kept away physical traders who are watching the progress of the monsoon to gauge festival demand in the coming months.
* At 0942 GMT, the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.30 percent higher at 30,402 rupees per 10 grams, after hitting a peak of 30,428 rupees earlier in the day. The contract has gained 2.5 percent in the previous seven sessions.
* Overseas gold rose for the eighth day in a row, its longest winning streak in almost a year, on hopes the U.S. Federal Reserve may launch more measures to stimulate the world's largest economy.
* The rupee, which fell to a low of 56 rupees per dollar, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* The onset of the rains curtails festive and wedding activity. Indian farmers, who depend on monsoon rains for a good harvest, contribute to more than half the country's gold demand.
* "Demand is still zero," said Haresh Acharya, head of bullion desk at Parker Bullion in the western Indian city of Ahmedabad.
* Silver also moved higher following the yellow metal.
* Silver for July delivery on the MCX was 0.30 percent higher at 55,088 rupees per kg.
At 1:15 p.m., following were the prices in rupees quoted by HDFC Bank in the spot market :
(Reuters) - Indian gold extended gains for an eighth session running to hit a record high on Tuesday, aided by a weaker rupee and firm overseas markets.
* The high prices kept away physical traders who are watching the progress of the monsoon to gauge festival demand in the coming months.
* At 0942 GMT, the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.30 percent higher at 30,402 rupees per 10 grams, after hitting a peak of 30,428 rupees earlier in the day. The contract has gained 2.5 percent in the previous seven sessions.
* Overseas gold rose for the eighth day in a row, its longest winning streak in almost a year, on hopes the U.S. Federal Reserve may launch more measures to stimulate the world's largest economy.
* The rupee, which fell to a low of 56 rupees per dollar, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* The onset of the rains curtails festive and wedding activity. Indian farmers, who depend on monsoon rains for a good harvest, contribute to more than half the country's gold demand.
* "Demand is still zero," said Haresh Acharya, head of bullion desk at Parker Bullion in the western Indian city of Ahmedabad.
* Silver also moved higher following the yellow metal.
* Silver for July delivery on the MCX was 0.30 percent higher at 55,088 rupees per kg.
At 1:15 p.m., following were the prices in rupees quoted by HDFC Bank in the spot market :
Tuesday Monday
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Gold .999/10 grams 30,685 30,388
Silver .999/kg 56,160 56,265
At 3:17 p.m., following were the prices in rupees on the Multi Commodity Exchange of India Ltd <0#MAU:>:
Contract Current price Net change
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Aug gold 30,422 +111
July silver 55,116 +193 (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)
