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Gold traders continue to stock for festivals

Gold traders continue to stock for festivals
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First Published: Tue, Aug 03 2010. 12 56 PM IST
Updated: Tue, Aug 03 2010. 12 56 PM IST
Mumbai: Gold traders continued to book deals on Tuesday afternoon as international prices stayed steady while the the rupee strengthened making the dollar-quoted asset cheaper, dealers said.
Most of the deals are at $1,180 an ounce and sales are averaging 200 kgs daily in the past one week, said a dealer with a Mumbai-based state-run, bullion-dealing bank, whose imports rose by 90 percent on month to 3.8 tonnes in July.
International gold was trading at $1,183.25/1,183.65 an ounce at 1:11 p.m., against the previous close of $1,181.25/1,182.25.
Gold held steady near a one-week high as a weak US dollar spurred early buying from investors, while jewellers were also expected to snap up the metal before festive seasons in India and Indonesia.
“Prices below $1,180 are attractive for Indian buyers,” said another dealer with a private bank in Mumbai.
The rupee rose to a fresh one-month high, but the gains were quickly trimmed when refiners and other importers bought dollars on the back of firm oil prices.
Provisionally, India’s gold imports for July stood at 14-15 tonnes, down from 28.4 tonnes in the year-ago period, but a late spurt in demand has raised chances of an upward revision.
Indian gold demand is set to pick up for the busy festival season starting with Raksha Bandhan on 24 August, and extending till Dhanteras in November, the single-biggest gold buying day.
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First Published: Tue, Aug 03 2010. 12 56 PM IST
More Topics: Markets | India | Gold | Bullion | Silver |