Gold buying picks up for first time in 4 days

Gold buying picks up for first time in 4 days

Mumbai: Gold buying in India improved for the first time in four days on Friday afternoon as a correction in prices lured a section of traders, with others waiting for a bigger fall, dealers said.

“Today demand is better than yesterday as prices fell below $1,240 (an ounce). Lots of traders were interested in buying at around $1,235," said a dealer with a state-run bank in Mumbai that deals in bullion.

The dealer said he sold 25 kg of gold till afternoon, compared with a total of 15 kg on Thursday.

Spot gold was at $1,234.80 an ounce at 2:57pm.

The Indian rupee moved in a tight range on Friday afternoon with mild losses in shares and the dollar overseas providing little direction ahead of the Federal Reserve chairman’s speech on the US economy.

India’s ongoing festival season will continue until November, when Dhanteras -- considered auspicious for buying gold -- is celebrated.