Mumbai: India gold traders continued to pick bargains on Monday afternoon as prices steadied in the vicinity of a three-week low, but a weaker rupee weighed on sentiment, dealers said.
“Deals are there, but lower compared to last week as people are worried on the currency front,” said a dealer with a private bullion dealing bank in Mumbai.
“There was buying on Thursday and Friday, when we sold more than 300 kgs in between $1,051-1,075 (an ounce),” said a dealer with a state-run bank, which sold more than half-a-tonne last week.
International spot gold, which guides the domestic market, was trading $1,070.65/1,071.45 an ounce as against the previous close of $1,065.55/1,067.55 an ounce.
Buying had picked-up in the most part of last week, dealers added.
“We have advanced orders below $1,050,” said the state-run bank dealer.
The Indian rupee edged lower falling to a near seven-week low tracking a more than 1 percent fall in the local sharemarket, but mixed regional peers prevented a further sharp slide.
India has imported 35-40 tonnes of gold during January 1-27, up from 9.8 tonnes in the whole of the same month last year, the head of a trade body and bank dealers said.
India’s wedding season will be underway in April.