Mumbai: India gold traders trickled in on Thursday to replenish stocks before festivals to cash in on a recent 2.2% fall in prices, dealers said.
“All centres are active at the moment due to the recent correction that the market has given,” said Pinakin Vyas, chief manager treasury, IndusInd Bank. “They (traders) want to maintain their inventory levels before festivals,” Vyas added.
Gold prices traded flat at Rs14,661 per 10 grams at 1:29pm, down 2.2% from the one-month high of Rs14,993 per 10 grams, struck on 23 July.
“There are advanced orders in decent quantities in the range of $900-920 an ounce,” said another dealer with a state-run bank.
Traders and dealers expect increased gold offtake to sustain in the near-term if prices remain or correct from current levels ahead of the festivals and weddings begining end-August.