Gold prices flat, local demand remains slack

Gold prices flat, local demand remains slack
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First Published: Fri, Jul 03 2009. 01 17 PM IST
Updated: Fri, Jul 03 2009. 01 17 PM IST
Mumbai: India gold prices were flat on Friday, and domestic demand continued to be weak in a seasonally lean period, dealers said.
The most-active August contract was flat at Rs14,477 per 10 grams at 1:31pm, and traders eyed dollar for direction.
“The demand is relatively weak, with a few stray deals here and there,” said a dealer with a private bank in Mumbai.
India’s gold market is in a lean season as fewer weddings take place during monsoons. But a series of festivals and auspicious days for weddings is expected to boost gold demand from August-end till the end of the year.
However, dealers said traders exhibited interest at lower levels to replenish stocks for the upcoming festive season.
“Market is showing interest at $920-925 to build-up their stocks, ” said Pinakin Vyas, chief manager-treasury with IndusInd Bank.
In the first six months of this year, India’s imports stood at approximately 59.8 tonnes, down 57% from 139 tonnes a year earlier, data from the BBA showed.
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First Published: Fri, Jul 03 2009. 01 17 PM IST
More Topics: Gold | Rupee | Dollar | US | India |