Mumbai: India’s gold demand tapered off as prices extended gains on Thursday, as buyers have stocked the yellow metal during the price dips for a festival next week, dealers said.
“Demand is very slow compared to last week as prices have moved up and also rupee has crossed 50 mark,” said a dealer with a private bank in Mumbai.
The most-watched June contract extended gains to trade 0.20% higher at Rs14,460 at 1:43pm, after gaining 0.96% in the last session.
Buyers would return if prices fall to Rs13,500, added another dealer with a state-run bank.
Akshaya Tritiya, which falls on 27 April, is the second-most auspicious day to buy gold after Dhanteras, traders say.