RTRS: India gold demand remains slack as prices climb
* Spot gold up at $1,119.65 an ounce XAU=
* London Brent crude up at $76.08 a barrel LCOc1
* Rupee strong at 46.07 per dollar INR=IN
MUMBAI, Feb 17 (Reuters) - India gold demand remained slack for a third day on Wednesday as prices continued to rise, but a stronger rupee, which makes the dollar-quoted asset cheaper, aided sentiment, dealers said.
"Today demand is down as prices have shot up," said a dealer with a private bullion dealing bank in Mumbai.
International gold, which guides the domestic markets, was at $1,118.55/1,119.35 an ounce as against the previous close of $1,118.95/1,119.75.
"People are playing the wait game, they want levels below $1,100," said another dealer with a state-run bullion dealing bank.
The Indian rupee trimmed gains from two-week highs, closely mirroring shares which also retreated from the day's high although dollar weakness overseas continued to keep sentiment bullish. [INR/]
India's gold demand for the fourth quarter to December rose 13 percent to 180.7 tonnes on year as weddings and festive demand peaked, helping India retain its position as the world's largest consumer. See [ID:nSGE61G0B2]
Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15 p.m. INBULL03:
Wednesday Tueshday
Gold .999/10 grams 16,870 16,880
Silver .999/kg 25,985 25,380
Following were prices in rupees on the Multi Commodity Exchange of India Ltd. at 4:25 p.m. <0#MAU:>:
Contract Current price Net change
Apr gold 16,752 +21
Mar silver 25,269 +71
(Reporting by Siddesh Mayenkar; Editing by Ramya Venugopal)