Mumbai: India’s gold prices rose slightly in the physical market on Wednesday on modest demand as traders continued to replenish stocks to meet festival demand as domestic prices stayed below Rs15,000-levels, dealers said.
“We will see intermittent buying in the market at these levels,” said a dealer with a private bank in Mumbai.
India’s festival season is underway and gold traders are hopeful of a rebound in demand.
The world’s largest consumer of gold will celebrate Janmasthami and Ganesh Chaturthi this month.
International gold prices slipped in Europe on Wednesday as the dollar firmed versus the euro, with caution ahead of the Federal Reserve announcement on monetary policy later in the day denting interest in assets seen as higher risk.