Gold edges higher, physical demand still weak

[epicresearch]

Indian gold edged higher on Friday, helped by global markets and a weaker rupee, with physical traders eager to book deals ahead of the festivals months.

* At 2:43 pm, the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.26% up at Rs 29,234 per 10 grams.

* Overseas gold hovered near USD 1,580 per ounce as investors clung to hopes for more monetary easing from the US central bank after weak data in the previous session.

* The rupee, which weakened on Friday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* Gold imports into India have already witnessed a more than 50% drop, and continue to fall in coming quarters.