Gold eases; buyers wait for bigger falls

Gold eases; buyers wait for bigger falls

Mumbai: Gold fell a tad on Wednesday following weak overseas markets, with traders waiting for bigger falls in a seasonally lean demand period, dealers said.

At 5:17pm, the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.39% lower at 22,533 per 10 grams.

“There is no incentive to buy, (and) even its a dull period (for gold buying)," said a dealer with a state-run bullion importing bank in Mumbai.

Overseas gold fell on Wednesday after Federal Reserve chairman Ben Bernanke offered no hints of further US monetary easing in a speech a day earlier, taking pressure off the dollar.