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Business News/ Money / Gold prices flat; demand stays slack
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Gold prices flat; demand stays slack

Gold prices flat; demand stays slack

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Mumbai: India gold prices were steady on Tuesday on lack of fresh leads and domestic demand remained dull amid a seasonally slack period, dealers said.

The most-active August contract traded at Rs14,927 per 10 grams at 2:02pm, little unchanged from the previous day’s close. The contract had gained about 3 percent in the previous three weeks.

“Demand is still muted as rates are going up," said a dealer with a private bank in Mumbai.

A seasonally slack period is underway in India for gold trade due to monsoon, when fewer weddings take place.

Dealers said traders may seek bargains by August-end, when festivals start.

“I have some advanced orders in the range of $920-930 (an ounce)," said another dealer with a Mumbai-based state-run bank.

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Published: 28 Jul 2009, 02:02 PM IST
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