Gold flat; physical traders remain on sidelines

Gold flat; physical traders remain on sidelines

Mumbai: Gold steadied on Thursday following foreign markets, and traders remained on the sidelines in a seasonally weak demand period after wedding season neared an end and monsoons began.

The most-active gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.06% higher at 22,536 per 10 grams at 2:51pm.

Overseas spot gold held steady as a wait-and-see sentiment prevailed on future US monetary policy moves.

Investors were eyeing the outcome of the European Central Bank for direction.

The monsoon period is a seasonally slack one for gold demand and dealers expect traders to replenish stocks from September, when festivals and weddings re-start.