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Gold buying cools off after pick-up

Gold buying cools off after pick-up
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First Published: Thu, Mar 11 2010. 01 38 PM IST
Updated: Thu, Mar 11 2010. 01 38 PM IST
Mumbai: India gold buying cooled off on Thursday afternoon as traders awaited price declines after a slight pick-up in the previous session, when the yellow metal touched a two-week low, dealers said.
“I did about 70-100 kgs yesterday evening at $1,105-1,120 (an ounce), but people are moving away now as they expect a fall below $1,100,” said a dealer with a state-run bullion dealing bank.
International gold, which guides the domestic markets, was trading at $1,106.50/1,107.30 an ounce as against the previous close of $1,107.85/1,108.65 an ounce.
“I have plenty of orders at 1,095-1,100,” said another dealer with a private bullion dealing bank.
Gold regained some strength on Thursday after falling to its lowest in nearly two weeks the previous day, although poor technicals and failure to sustain recent gains may spur selling, traders said.
Further a weaker rupee, which makes the dollar-quoted asset expensive, also dented sentiment.
The Indian rupee weakened slightly in early trade as the dollar’s gains versus major currencies overseas and a choppy start in domestic shares underpinned sentiment.
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First Published: Thu, Mar 11 2010. 01 38 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |