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Tuesday, May 10, 2011

MCX: India gold extends gains

Gold rose on Tuesday afternoon, extending gains for a fourth straight session.

The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was trading 0.71 percent higher at 22,156 rupees per 10 grams, after hitting a high of 22,190 rupees.

The Indian rupee recovered from an intraday low supported by the marginal climb back in the euro and some dollar selling by exporters at lower levels.

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

Wedding season will continue until May in India, the world's largest consumer of bullion.

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