Mumbai: India’s wholesale gold buying remained dull on Thursday as most of the bank branches, the primary sellers of gold, were closed for Makar Sankranti, which marked the start of an auspicious period, dealers said.
“Buying is dull as most of the branches are shut for Makar Sankranti...There was buying in limited quantities yesterday in between $1,130-1,135 (an ounce),” said a dealer with a state-run bank in Mumbai.
International spot gold was trading $1,139.45/1,140.45 an ounce as against $1,137.60/1,138.40 in the previous session.
However, on the retail counters, especially in Tamil Nadu, buyers trickled in to buy for auspicious reasons, with traders saying demand for coins was more than that for gold ornaments.
“Demand is 5-10% higher than last year,” said T.K. Chandiran, managing director, KTM Jewellery, a jewellery chain in Tamil Nadu.
“There is a new trend that has developed of buyers interested in coins than jewellery, like a few years back it was a golden ring that was given as a gift to the newly-wed, now it is being replaced by gold coins,” said Chandiran.