Gold traders continue bargain picking

Gold traders continue bargain picking

Mumbai: India gold traders continued to pick bargains on Tuesday from a day earlier, to replenish stocks to meet festive demand, as a strong rupee made the dollar-quoted asset cheaper, dealers said.

“There is activity since morning as rupee is acting in support," said Pinakin Vyas, chief manager-treasury, IndusInd Bank in Mumbai.

The Indian rupee rose, a day after posting its biggest one-day drop in five-and-a-half months, as stocks pulled back from a slide.

The most-traded October contract was almost flat at Rs14,865 per 10 grams at 2:10pm.

A further decline in prices could revive buying interest, they added.

“I have some advanced orders in the range of $925-930 (an ounce)," said another dealer with a state-run bank.

Gold imports in July slumped to 7.8 tonnes from 24 tonnes in the same month a year ago, the head of a trade body said.