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Gold buying slack for 4th day; price dips eyed

Gold buying slack for 4th day; price dips eyed
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First Published: Thu, Jun 03 2010. 06 05 PM IST
Updated: Thu, Jun 03 2010. 06 05 PM IST
Mumbai: India gold buying remained weak for a fourth straight day on Thursday as prices still traded near their record high and jewellers awaited a fall, dealers said.
“There is no demand at all today as prices have been ruling at their record highs. It has been the same for the last few days,” said a dealer with a state-run, bullion-dealing bank.
The most-active August gold contract was trading 0.64% lower at Rs18,517 per 10 grams at 3:34pm, after hitting a high of Rs18,621 earlier in the session, still near the record high of 18,850 rupees struck on Wednesday.
But a strong rupee helped sentiment making the dollar-quoted asset cheaper, they added.
The Indian rupee continued to strengthen, boosted by gains in domestic shares that raised expectations of capital inflows, while losses in the dollar against major units also helped.
“There could be buyers below $1,200 (an ounce),” said another dealer with a private bank.
Following were the prices being quoted by Scotia Mocatta in rupees in the spot market at 1:15pm.
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First Published: Thu, Jun 03 2010. 06 05 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |