Gold price fall triggers physical buying in India

Gold price fall triggers physical buying in India

India gold fell about a percent on Wednesday afternoon, extending losses for a fourth straight session, spurring deals from physical buyers as the peak wedding season neared, dealers said.

* The most-active gold for April delivery on the Multi Commodity Exchange (MCX) fell 0.9% toRs 27,581. The contract shed 0.58% in the previous three sessions.

* Currently wedding season is underway in India, the world's biggest buyer of bullion. Festivals will also take place until May.

* "Deals are happening as prices have come down to Rs 27,500 ... all are waiting for the budget on Friday," said Mayank Khemka, managing director, Khemka International in Delhi.

* Overseas gold fell for a third day as weaker equity markets and stronger dollar weighed on sentiment.

* Silver also fell following gold. Silver for May delivery on the MCX was 0.69% lower at Rs 57,855 per kg.

Source: Reuters, Moneycontrol