FE:Gold demand improves as prices drop 1% to Rs 29,178
Gold demand in India improved on Friday as jewellers were placing orders after prices fell more than 1 per cent to the lowest in nearly seven weeks on a stronger rupee.
The partially convertible rupee hit a seven-week high on Friday, helped by corporate selling and stop-losses getting triggered. A strong rupee trims landed cost of imported gold.
At 3.35 p.m., the benchmark December gold contract on the Multi Commodity Exchange (MCX) was 1 per cent lower at Rs 29,178 per 10 grams. It hit a low of 28,915 rupees on Tuesday, a level last seen on August 14.
