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Gold prices ease, buyers seek more falls

Gold prices ease, buyers seek more falls
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First Published: Thu, May 14 2009. 02 23 PM IST
Updated: Thu, May 14 2009. 02 23 PM IST
Mumbai: India gold prices eased on Thursday as dollar recovered overseas, but well-stocked traders stayed away from making fresh purchases anticipating further falls ahead, traders said.
The most active June contract on was 0.32% lower at Rs14,849 per 10 grams at 1:41pm, after having gained 2.7% in the previous three sessions.
“There are neither buyers nor sellers, everything is quiet,” said Harshad Ajmera, proprietor of Kolkata-based JJ Gold House.
“If prices stay at these levels, there would be no physical offtake,” said Ajmera.
Traders said a fall below $900 (an ounce) could rekindle buying interest.
“If prices fall below 14,000 (rupees per 10 grams), we might see some interest,” said Haresh Acharya, head of bullion desk, Ahmedabad-based Parker Agrochem.
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First Published: Thu, May 14 2009. 02 23 PM IST
More Topics: Markets | India | Commodity | Bullion | Stocks |