Mumbai: India’s physical gold offtake remained weak on Thursday afternoon, as traders sought lower prices to stock for festivals, dealers said.
“There is no much interest at these levels... yesterday there was minor buying at the dip below $1,140 (an ounce),” said a dealer with a state-run bullion dealing bank.
International spot gold, which guides the domestic market, was trading at $1,146.65/1,147.65 an ounce at 2:23pm as against the previous close of $1,145.30/1,147.30.
“There may be interest at $1,125 levels,” said another dealer with a private bank.
However, a strong rupee, which makes the dollar-quoted asset cheaper aided sentiment, they added.
The Indian rupee continued to rise further in afternoon trade tracking a reversal in the domestic sharemarket from early lows and backed by early dollar sales by a few corporates.
Traders sought to stock for upcoming Akshaya Tritiya on 16 May and Pushya Nakshatra on 19 May, when it is considered as auspicious to buy gold.