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.