Gold steady; buyers await prices fall

Gold steady; buyers await prices fall

Mumbai: Gold was steady on Tuesday afternoon as support from the overseas market was offset by a firm rupee locally, with traders waiting for falls amid a seasonally lean demand period, dealers said.

The most-active gold for August delivery was trading 0.08% lower at 22,680 per 10 grams at 2:11pm.

Overseas gold inched up, after rising to its strongest in more than a month in the previous session, as fears about a slowing US economy prompted purchases from investors seeking an alternative investment.

The rupee was firm in afternoon trades on Tuesday in tandem with the euro’s gains and positive local shares, but dollar demand from oil companies limited the rise.

The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.