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Gold demand picks up as prices dip

Gold demand picks up as prices dip
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First Published: Tue, Mar 24 2009. 01 43 PM IST
Updated: Tue, Mar 24 2009. 01 43 PM IST
Mumbai: India’s gold demand picked up on Tuesday after days of lull as prices declined about 2% in three straight sessions, dealers said.
“We sold around 150 kgs of gold, which is a pretty decent quantity,” said a dealer with a state-run bank in Mumbai.
The most traded April gold contract extended losses for a third day on Tuesday and traded 1.34% lower at Rs15,219 per 10 grams, at 1:42pm Spot gold traded at $935.55 an ounce.
Traders would be awaiting further price dips in order to stock the yellow metal to meet wedding demand. The wedding season begins mid-April, dealers said.
“They were also asking whether it would go below $930 (an ounce levels),” added the dealer.
Dealers said there would be huge influx of orders if prices declined near $900 an ounce overseas.
“There are some advance orders placed at $900-915,” said another dealer with a private bank.
Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15pm.
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First Published: Tue, Mar 24 2009. 01 43 PM IST
More Topics: Markets | India | Gold | Stocks | Bullion |