Gold prices ease; traders eye falls

Gold prices ease; traders eye falls

Mumbai: Gold prices eased on Friday as investors booked profits, but traders sought further falls to stock up for the wedding season that would last till December-end, dealers said.

“Demand is dull since morning and traders are looking for dips to $1,170-1,185 (an ounce)," said a dealer with a state-run bullion dealing bank in Mumbai.

Overseas gold traded at $1,204.30/1,205.30 an ounce, as against 1,207.10/1,207.90 an ounce in the previous session at 2:42pm.

However, a weaker rupee, which makes the dollar-quoted asset expensive, weighed on sentiment.

The Indian rupee fell, pulling back from more than two-week highs in the previous session, as weakness in the local sharemarket and a stronger dollar weighed on sentiment.

However, dealers said, there had been a slight pick-up in offtake till early this week, when prices fell to a low of about Rs17,200.