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Gold buying cools off after pick-up

Gold buying cools off after pick-up
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First Published: Tue, Mar 09 2010. 02 13 PM IST
Updated: Tue, Mar 09 2010. 02 13 PM IST
Mumbai: India gold demand cooled off on Tuesday afternoon after picking-up in the previous session, as traders waited for further price dips to stock up for the wedding season, which starts in April, traders and dealers said.
“We had alot of orders between $1,125-1,132 (an ounce), which got filled yesterday, there is nothing today though,” said a dealer with a state-run bullion dealing bank.
International gold, which guides domestic prices, was trading almost steady at $1,122.60/1,123.40 an ounce as against the previous close of $1,122.85/1,123.65 an ounce.
Gold hardly moved on Tuesday as early bargain hunting subsided, and dealers said a weaker US dollar was probably needed to help the metal break free from its current range.
“We have further orders at about 1,115 an ounce,” said another dealer for a private bank.
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First Published: Tue, Mar 09 2010. 02 13 PM IST
More Topics: Markets | India | Bullion | Gold | Commodity |