Gold physical demand poor as prices hit 1-month high

28/01/2012 03:52 AST

Gold traders in India, the world's biggest buyer of bullion, continued to stay on the sidelines on Friday as prices extended gains to their highest level in more than a month, dealers said.

The most-active gold for February delivery on the Multi Commodity Exchange (MCX) was 0.84 percent higher at 27,820 rupees per 10 grams, after hitting 28,084 rupees, its highest since Dec. 21.

"Demand is zero as prices are too high... this situation may continue," said Haresh Acharya, head of bullion desk, Parker Bullion.

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