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Gold prices flat; traders stay away

Gold prices flat; traders stay away
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First Published: Tue, Jul 21 2009. 06 07 PM IST
Updated: Tue, Jul 21 2009. 06 07 PM IST
Mumbai: India gold prices traded flat on Tuesday, with traders reluctant to enter into fresh deals in a lean period, dealers said.
The most-active August contract was at Rs14,862 per 10 grams at 1:44 pm, almost unchanged from the previous close of Rs14,850 as pressure from a recovering dollar was offset by inflationary concerns overseas.
“We are exactly into the lean period and traders are not rushing in to buy,” said Pinakin Vyas, chief manager-treasury, IndusInd Bank in Mumbai.
“They can afford to wait for lower prices.”
“I have some advanced orders below $935 an ounce,” said another dealer with a state-run bank.
Fewer weddings happen in the monsoon season, which lasts from June-September, making it a lean period for the Indian gold trade.
Dealers expect buying to revive by August-end, when traders would seek to replenish stock for the festivals.
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First Published: Tue, Jul 21 2009. 06 07 PM IST
More Topics: Gold | Markets | India | MCX | Crude oil |