BackGold demand eases; traders eye new lows
Gold demand eases; traders eye new lows
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Mumbai: India’s gold demand eased on Monday after last week’s pick-up as traders waited for lower levels, dealers said.
“There is no demand today... there was demand last week," said a dealer with a state-run bank in Mumbai.
“If prices fall below $850 (an ounce), then demand may revive," said the dealer.
Demand picked up last week as traders hunted for bargains after prices fell to a low of Rs14,022 on 6 April.
The benchmark June contract was 0.58% higher at Rs14,285 per 10 grams at 2:22pm, still down about 4.8% from than the psychological Rs15,000 level.
But dealers said volumes were down compared to the year-ago period. Traders normally buy to replenish stock for weddings and a key gold buying festival.
Weddings will start from mid-April and Akshaya Tritiya, which falls on 27 April, is the second biggest gold-buying festival after Dhanteras.
“But if we compare this month with the year-before period, the volumes are still not picking up," added another dealer with a private bank.
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