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Business News/ Money / Gold demand sluggish, traders eye fall
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Gold demand sluggish, traders eye fall

Gold demand sluggish, traders eye fall

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Mumbai: India’s physical gold demand remained sluggish on Monday as traders were reluctant to enter into fresh deals as the yellow metal hovered near the keenly-watched $1,000-an-ounce mark, dealers said.

“We are not getting good response at $1,000 (an ounce). There are enquiries, but nothing is materialising," said Pinakin Vyas, chief manager-treasury, IndusInd Bank, in Mumbai.

The physcial offtake remained weak last week as prices jumped above $1,000 an ounce, when a weak dollar overseas supported the yellow metal.

At 2:23pm, international gold traded at $995 an ounce.

Dealers expects traders to pick bargains if prices fall by over 1%.

“There are many orders below $990 (an ounce)," said another dealer from a state-run bank.

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Published: 14 Sep 2009, 02:40 PM IST
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