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Gold prices flat; buyers still at bay

Gold prices flat; buyers still at bay
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First Published: Fri, May 15 2009. 02 02 PM IST
Updated: Fri, May 15 2009. 02 02 PM IST
Mumbai: Indian gold prices were flat tracking global leads on Friday, with well-stocked traders preferring to stay on the sidelines in the middle of the wedding season anticipating falls ahead, dealers said.
The most active June contract on the MCX was 0.15% lower at Rs14,811 per 10 grams at 1:50pm.
Overseas gold, which guides the domestic market, held steady, but was expected to come under pressure from higher equity prices ahead of the US inflation data.
“Nothing is happening... it (the demand) is very dull,” said a dealer with a state-run bank in Mumbai.
“Since the start of the week, demand has dried up,” said another dealer with a government-run bank, who claimed to have sold around 0.5 tonnes of gold last week.
Dealers said gold traders have been stocking the yellow metal after a better-than-expected Akshaya Tritiya on hopes of a good wedding season, which lasts till June end.
“I don’t see demand re-emerging until gold hits Rs14,300 (rupees per 10 grams or about $900 an ounce),” said another dealer with a private bank.
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First Published: Fri, May 15 2009. 02 02 PM IST
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