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Gold demand poor as inauspicious period begins

Gold demand poor as inauspicious period begins
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First Published: Mon, Sep 07 2009. 04 13 PM IST
Updated: Mon, Sep 07 2009. 04 13 PM IST
Mumbai: India’s physical gold prices were almost unchanged on poor demand on Monday as traders avoided buying following the start of a period considered inauspicious for purchases, dealers said.
Traders expect demand to remain sluggish during Shradh, a period to pay homage to ancestors, between 5-9 September.
“During Shradh, demand will remain low....traditional traders will stay away from the market,” said a dealer with a private bank in Mumbai.
Gold dipped a touch on Monday but stayed near the psychological level of $1,000 an ounce on buying linked to a weaker US dollar and fears about inflation, which could still spur another rally.
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First Published: Mon, Sep 07 2009. 04 13 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |