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Gold buying abates as traders await dips

Gold buying abates as traders await dips
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First Published: Fri, Mar 05 2010. 12 43 PM IST
Updated: Fri, Mar 05 2010. 12 43 PM IST
Mumbai: India gold demand abated on Friday afternoon as traders awaited price dips after a late-evening pick-up in offtake in the previous session, dealers said.
“We had some export covering yesterday and some domestic deals as well at $1,129-1,133 (an ounce), but today, I am not hearing anything from them,” said a dealer with a state-run bank in Mumbai.
International gold, which guides the domestic market, was $1,132.85/1,133.85 an ounce as against the previous close of $1,131.45/1,132.25 an ounce.
“People are still away from new indents and could come in at around $1,115 and if the rupee stays at the same level,” said the state-run bank dealer.
“They are looking at $1,110 to buy for weddings,” said a private bullion dealing bank dealer.
Gold tracked the euro higher before the release of US payrolls data, which could raise concerns about the pace of the economic recovery, hurt the dollar but lift bullion’s allure as an alternative investment.
India’s gold imports 1-25 February were provisionally at 30-35 tonnes, about four times the level of a year ago as lower prices encourage demand, the head of Bombay Bullion Association (BBA) said.
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First Published: Fri, Mar 05 2010. 12 43 PM IST
More Topics: Markets | India | Gold | Commodity | Bullion |