Mumbai: India gold prices edged lower on Friday weighed by a strong rupee, but traders awaited bigger falls to replenish stocks for the upcoming festival season, dealers said.
The most active August contract was 0.17% lower at Rs14,457 per 10 grams at 1:31pm. It hit a low of Rs14,436 earlier.
The Indian rupee extended gains for a second day and traders said they would be watching quarterly earnings of companies for cues on economic outlook.
“They all are waiting for good bargains to stock up before festivals,” said a dealer with a state-run bank.
Dealers said a further three percent drop in prices could re-kindle buying interest.
“A decline to Rs14,000 could attract traders,” said another dealer with a private bank.
A series of festivals and auspicious days for weddings is expected to boost gold demand from August-end till the end of the year.