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Gold flat; physical traders remain on sidelines

Gold flat; physical traders remain on sidelines
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First Published: Thu, Jun 09 2011. 03 03 PM IST
Updated: Thu, Jun 09 2011. 03 03 PM IST
Mumbai: Gold steadied on Thursday following foreign markets, and traders remained on the sidelines in a seasonally weak demand period after wedding season neared an end and monsoons began.
The most-active gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.06% higher at Rs 22,536 per 10 grams at 2:51pm.
Overseas spot gold held steady as a wait-and-see sentiment prevailed on future US monetary policy moves.
Investors were eyeing the outcome of the European Central Bank for direction.
The monsoon period is a seasonally slack one for gold demand and dealers expect traders to replenish stocks from September, when festivals and weddings re-start.
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First Published: Thu, Jun 09 2011. 03 03 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |