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Gold falls, but fails to attract buyers

Gold falls, but fails to attract buyers
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First Published: Tue, Jan 06 2009. 02 27 PM IST
Updated: Tue, Jan 06 2009. 02 27 PM IST
Mumbai: The gold futures fell for a fourth straight day on Tuesday tracking international markets, but still failed to attract local buyers, traders and dealers said.
“There are not many enquiries even at these levels,” said Pinakin Vyaas, chief manager, treasury at IndusInd Bank in Mumbai.
A further dip in prices to $820 (an ounce) should attract buyers as stockists will have to plan their inventories ahead of wedding season demand, traders said.
“In a week’s time there should be (buying) activity on dips,” IndusInd’s Vyaas said.
The benchmark February contract traded Rs209 lower at Rs13,120 per 10 grams at 2:24pm, after having fallen more than 3% in the last three sessions. “There are still no buyers.. but there are sellers,” said Haresh Kewalraman, director with Bombay Bullion Association.
Market participants said traders and retail buyers had accumulated stock in good quantities between August and September, when prices were at Rs11,500-12,500.
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First Published: Tue, Jan 06 2009. 02 27 PM IST
More Topics: Markets | India | Gold | Bullion | Commodity |