Mumbai: India’s physical gold prices were trading in a narrow range on Tuesday on cautious buying, dealers said.
Traders expect prices to fall to 16,000 levels before buying resumes.
“Now buyers have become cautious again...but some more demand will be seen in the near future as wedding-related buying will be there,” said a dealer at a private bank, which deals in bullion.
India will witness a two-month-long wedding season begining from April.
International gold inched up in thin trade on Tuesday as the euro held firm against the US dollar, but the metal was stuck in a familiar range as it struggled to clear a recent high above $1,130 an ounce.
According to Bombay Bullion Association, prices of gold (0.999 purity) were down Rs25 to Rs16,440 per 10 gm.