India's gold demand slowed to a drop on Monday, after having picked up the preceding week when well-stocked traders braced for a marriage season, which lasts till June end.
An appreciating rupee makes the dollar-quoted gold cheaper. The Indian rupee rose to its strongest in three months in mid-morning trade, buoyed by wide losses in the dollar overseas, though it weakened later.
Gold traders have been stocking the yellow metal after better-than-expected Akshaya Tritiya sales on hopes of a good wedding season.
Foreign gold, which guides the domestic market, was steady as a sharper appetite for riskier assets such as equities dented interest in the metal as a safe haven, but a decline in dollar limited losses.
An appreciating rupee makes the dollar-quoted gold cheaper. The Indian rupee rose to its strongest in three months in mid-morning trade, buoyed by wide losses in the dollar overseas, though it weakened later.
Gold traders have been stocking the yellow metal after better-than-expected Akshaya Tritiya sales on hopes of a good wedding season.
Foreign gold, which guides the domestic market, was steady as a sharper appetite for riskier assets such as equities dented interest in the metal as a safe haven, but a decline in dollar limited losses.
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