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Gold prices down in absence of demand

Gold prices down in absence of demand
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First Published: Fri, Jun 19 2009. 02 54 PM IST
Updated: Fri, Jun 19 2009. 02 54 PM IST
Mumbai: Indian gold prices fell on Friday in the physical market in absence of buying, analysts said.
“Last two days there was some buying at dips ...mainly for wedding purposes .....now there seems to be no interest as prices crossed Rs14,700 (per 10 gm),” said a dealer with a public sector bank.
The Indian wedding season ends in a week’s time.
“Gold prices will fall further in the next few days as there are no major festivals or wedding season for next two months,” said another dealer with a private bank.
International gold edged up towards $935 on Friday, although it remained vulnerable to a firm dollar which prevents the precious metal from showcasing its merits as an alternative investment to the US currency.
Bullion has mostly traded within a range of $930-$940 this week, down about 5 percent from a three-month high of $989.80 marked earlier in June.
Domestic gold futures were tad lower on a firm rupee, which makes the imported commodity cheaper, analysts said.
The Indian rupee edged a little lower in afternoon trade on Friday, as the domestic shares pared earlier gains but the weakness in the dollar versus major currencies helped prevent a further fall.
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First Published: Fri, Jun 19 2009. 02 54 PM IST
More Topics: Markets | India | Gold | Bullion | Commodity |