Spot gold down as buyers await price fall

Spot gold down as buyers await price fall

Mumbai: India’s gold prices fell in the physical market on Thursday afternoon as buyers stayed away expecting a further fall in prices, dealers said.

“Everyone knows prices will come down soon....there was almost no buying interest today so far," said a dealer with a private bank based in Mumbai.

Buyers are looking at sub-$1,100 levels dealers said.

Dealers, however, said December was proving to be positive for gold, with some traders stationed on the sidelines to take advantage every time prices fall.

India’s December gold imports are likely to spurt to 15-20 tonnes from 3 tonnes a year earlier, mainly on the back of the wedding season demand and easing prices, the head of the Bombay Bullion Association (BBA) said in an interview on 9 December.

However, a major drop in prices is overruled as the wedding season will last till December-end, dealers said.