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Gold traders stay away from fresh deals

Gold traders stay away from fresh deals
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First Published: Tue, Apr 27 2010. 03 04 PM IST
Updated: Tue, Apr 27 2010. 03 04 PM IST
Mumbai: India gold traders stayed away from entering into fresh deals on Tuesday awaiting a further fall in prices, and a weaker rupee, which made the dollar-quoted asset expensive, also weighed on sentiment, dealers said.
“People are shying away from new orders, they want sharper fall in prices,” said a dealer with a state-run bullion dealing bank in Mumbai.
International gold, which guides the domestic market, was trading at $1,154.35/1,155.25 an ounce as against the previous close of $1,153.38/1,156.38.
“They are expecting prices to fall to $1,140-1,145,” said another dealer with a state-run bank.
Gold was steady near a one-week high marked the previous day, as a halt in the euro’s decline provided support, while worries about debt-laden Greece maintained the allure of gold to avoid sovereign risk.
The Indian rupee dropped backing further away from a more-than one-week high touched in the previous session as a subdued start to domestic shares and month-end dollar demand from importers weighed.
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First Published: Tue, Apr 27 2010. 03 04 PM IST
More Topics: Markets | India | Commodities | Gold | Bullion |