Gold demand poor as inauspicious period begins

Gold demand poor as inauspicious period begins

Mumbai: India’s physical gold prices were almost unchanged on poor demand on Monday as traders avoided buying following the start of a period considered inauspicious for purchases, dealers said.

Traders expect demand to remain sluggish during Shradh, a period to pay homage to ancestors, between 5-9 September.

“During Shradh, demand will remain low....traditional traders will stay away from the market," said a dealer with a private bank in Mumbai.

Gold dipped a touch on Monday but stayed near the psychological level of $1,000 an ounce on buying linked to a weaker US dollar and fears about inflation, which could still spur another rally.

Close