Mumbai: India’s gold buyers continued to trickle in on Thursday to stock the yellow metal to meet festive demand, traders said.
“There is some take-off, but volumes are not huge,” said Daman Prakash, director of Chennai-based wholesaler, MNC Bullion. “Sales are down by 50% compared to year-ago period.”
The most-traded gold June traded flat at Rs14,288 per 10 grams at 1:32pm, after hitting a low of Rs14,188 in early deals.
“The demand is good but it is not that everyone is rushing in,” said a dealer with a state-run bank in Mumbai.
“Most of the traders are waiting for sub-14,000 (rupees levels),” 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.
Akshaya Tritiya, which falls on 27 April, is the second-most auspicious day to buy gold after Dhanteras. Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15pm.