Mumbai: India’s physical gold prices were higher on Friday as traders bought actively ahead of an inauspicious period, dealers said.
Traders expect demand to remain sluggish during Shradh, a period of paying homage to ancestors, between 5 September to 19 September.
“Traders want to stock up as much as possible before the Shradh begins,” said a dealer with a state-run bank in Mumbai.
“Also after the news of an expected fall in 2009 imports people think stocking up is a good idea as prices may move up further.”
Futures prices however fell tracking international cues.
International gold hovered a hair below $1,000 an ounce on Friday, consolidating the biggest two-day gain since March after a mix of inflation anxiety, a retreat from risk assets and a technical break stoked renewed investor interest.