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Gold demand stays weak; falls eyed

Gold demand stays weak; falls eyed
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First Published: Thu, Apr 29 2010. 02 16 PM IST
Updated: Thu, Apr 29 2010. 02 16 PM IST
Mumbai: India gold traders stayed away from entering into fresh deals for a third day on Thursday as prices traded above the psychological level of Rs17,000 mark and as they sought lower prices, dealers said.
“Last two days demand was dull... even today I did less quantity,” said a dealer with a state-run bank in Mumbai.
International gold, which guides the domestic market, was trading $1,169.35/1,170.35 an ounce as against the previous close of $1,164.45/1,166.45 an ounce.
“There are previously placed orders below $1,150,” said another dealer with a private bank.
Gold edged up, following a surge in the previous session, to its highest this year as a knee-jerk reaction to rising concerns about European sovereign debt gave way to hope a resolution may soon be reached.
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First Published: Thu, Apr 29 2010. 02 16 PM IST
More Topics: Markets | India | Economy | Gold | Bullion |