Wholesale gold demand slack for 2nd day

Wholesale gold demand slack for 2nd day
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First Published: Thu, Feb 11 2010. 01 35 PM IST
Updated: Thu, Feb 11 2010. 01 35 PM IST
Mumbai: India’s wholesale gold buying remained slack for a second day on Thursday as prices inched up to trade at around $1,080 an ounce in the overseas markets, dealers said.
“There is no much activity today as prices are hovering near the $1,080-1,082 (an ounce), the same was the situation yesterday,” said a dealer with a state-run bank in Mumbai.
International spot gold, which guides the domestic market, was $1,079.50/1,080.30 an ounce at 1:55pm, as against the previous close of 1,071.55/1,072.35 an ounce.
Traders stocked the yellow metal for the whole of last week and until Tuesday, bracing for the upcoming wedding season begining April, when demand for the yellow metal peaks.
“We sold about 300-400 kgs last week, and we executed decent number of deals till the day before,” said another dealer with a private bank.
“We have sizeable orders below 1,060 levels,” added the dealer.
India has imported 35-40 tonnes of gold during January 1-27, up from 9.8 tonnes in the whole of the same month last year, the head of a trade body and bank dealers said.
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First Published: Thu, Feb 11 2010. 01 35 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |