Mumbai: India gold eased from a near-record high on Thursday, and traders waited for declines to stock up for the upcoming gold buying festival, Akshaya Tritiya, dealers said.
“It’s very dull, they are preferring to stay away to get good bargains,” said a dealer with a state-run bullion importing bank.
Local gold prices eased on profit-taking after the yellow metal soared to a near-record high supported by safe-haven buying overseas.
MCX gold for June delivery was trading 0.83% lower at Rs18,078 rupees per 10 grams, after hitting a high of Rs18,201, nearing the previous top of 18,294, struck on 3 December.
“There could be plenty of buyers if prices come down to Rs17,000,” said another dealer with a private bank. Sales of scrap also abated as prices edged lower, traders said.
“Neither we have buyers nor seller.. I collected 4-5 kgs yesterday and there is total slackness today even though Akshaya Tritiya is just two days away,” said said Jitendra Kantilal, partner, Jugraj Kantilal and co, a scrap dealer in Mumbai’s Zaveri bazaar.
The Akshaya Tritiya festival, which falls on 16 May, is one of the two most auspicious days of the year to buy the yellow metal in the world’s largest gold market, as Hindus believe they can get lasting prosperity by buying precious metals on the day. The other festival is Dhanteras in November.