Gold reverses losses; buyers stay away

The most-active August contract was 0.09% higher at Rs14,783 per 10 grams at 2:03pm, after hitting a low of Rs14,720 earlier.

The contract had gained 0.8% in the previous session.

“We haven’t seen sales since morning as prices have moved up," said a dealer with a private bank in Mumbai. “Demand has slowed as we are in a slack period."

Fewer weddings take place during monsoons, making it a lean season for the Indian gold market. But a series of festivals and auspicious days weddings is expected to boost gold sales from August-end.

Dealers said a price decline could re-kindle buying interest.

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