Gold in India declines tailing overseas markets

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Gold in India declines tailing overseas markets
India gold declined during the early session of trade on MCX following a similar trend in overseas market.

The most-active gold for December delivery on MCX opened at Rs 26,802 per 10 grams, fell to Rs 26,701 in the first session of the trade and was trading between Rs 26,715 – Rs 26,725 per 10 grams around 12:17 pm IST.

Gold for delivery in February opened high at Rs 27,097 per 10 grams and was trading in the range of Rs 26,985 – Rs 26,999 per 10 grams same time.

On domestic front, 24 carat spot gold was seen at Rs 26,970 per 10 grams and 22 carat spot gold was seen at Rs 25,220 per 10 grams.

In overseas market, the gold dipped marginally to $1,664.75 an ounce.

Physical buying may remain strong in India, the world's largest consumer of gold due to ongoing festive and wedding season.

Gold traders see a fair demand of coins and jewellery in the market as Dhanteras and Diwali are just round the corner.

Gold in India has outperformed equities over the period of one year and may perform even better this month as high volatility seen in the equities market.

Read more about: gold, mcx, spot, futures, markets, equities
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