Gold purchases on as prices ease

Gold purchases on as prices ease

Mumbai: India gold traders continued to make purchases on Monday as prices eased further and a stronger rupee, which makes the dollar-quoted asset cheaper, aided sentiment, dealers said.

“I did a few deals in between $1,165-1,170 (an ounce), certainly there is interest at lower levels due to weddings," said a dealer with a private bullion dealing bank in Mumbai.

International gold was trading at $1,169.45/1,170.60 an ounce at 2:07 pm, off their early lows of $1,163/1,165 (an ounce).

The rupee rose on Monday following a higher-than-expected economic expansion in the September quarter with a near 2% rise in domestic shares also underpinning sentiment.

India is in the middle of the wedding season, which is expected to last till December-end.

“My orders are waiting to get filled at $1,160-1,165 (an ounce)," said another dealer with a state-run bank.