Gold traders at bay, seek price fall

Gold traders at bay, seek price fall

Mumbai: India gold traders stayed away from fresh deals on Tuesday seeking lower prices to stock up for festivals starting later this month, dealers said.

The most-traded October contract was 0.20% lower at Rs15,759 per 10 grams at 3:15pm.

“People are waiting for prices to fall below $950 (an ounce) or 15,000 (rupees per 10 grams). Demand is still poor due to high prices," said Mayank Khemka, managing director, Khemka International.

India celebrates Dussera festival later this month and Diwali and Dhanteras in October, which is expected to revive sagging gold sales.

World Gold Council’s January to June figures show India imported 126.7 tonnes of gold, down 55% from 282.3 tonnes a year earlier.