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Gold demand weakens on price spike

Gold demand weakens on price spike
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First Published: Wed, Sep 02 2009. 02 21 PM IST
Updated: Wed, Sep 02 2009. 02 21 PM IST
Mumbai: India gold demand remained slack on Wednesday, as prices stayed at a five-month high, with traders reluctant to enter into fresh deals ahead of an inauspicious period to buy the yellow metal, dealers said.
“The demand has dried up after yesterday’s price spike. Traders are enquiring, but nothing is materialising,” said Pinakin Vyas, chief manager-treasury, IndusInd Bank in Mumbai.
The most-traded October contract was almost steady at the previous day’s high of Rs15,209 at 2:28pm, a level last seen on 30 March.
The contract had gained 0.5% in the previous session, when safe haven buying supported the yellow metal.
“Typically volumes are down during the shradh, retail segment is quiet,” said another dealer with a state-run bank in Mumbai.
Shradh, a period of paying homage to ancestors, is from 5-19 September.
Meanwhile, gold imports in August slumped to 12-14 tonnes from 98 tonnes in the same month last year, according to provisional figures released on Tuesday.
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First Published: Wed, Sep 02 2009. 02 21 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |