Gold prices up; local demand stays weak

Gold prices up; local demand stays weak
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First Published: Fri, Jul 17 2009. 02 39 PM IST
Updated: Fri, Jul 17 2009. 02 39 PM IST
Mumbai: India gold futures traded higher on Friday, with local demand remaining weak in the middle of a seasonally slack period, dealers said.
The most-traded August contract was 0.25% higher at Rs14,754 per 10 grams at 2:27pm, after hitting a high of Rs14,783 earlier.
“Deals are not happening, traders are thinking that prices may come down,” said a dealer with a private bank in Mumbai.
Fewer weddings take place during monsoons, making it a lean season for the Indian gold market. But a series of festivals and auspicious days weddings is expected to boost gold sales from August-end.
Dealers said a decline in gold prices could re-kindle buying interest.
“I have a few orders at $900-910 (an ounce),” said another dealer with a state-run bank in Mumbai.
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First Published: Fri, Jul 17 2009. 02 39 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |