Gold demand abates; buyers eye fall

Gold demand abates; buyers eye fall

Mumbai: India’s gold demand abated on Thursday after picking up for three continuous sessions as domestic prices neared the Rs15,000 mark, dealers said.

“Traders don’t want to buy, they want prices to fall now," said a dealer with a state-run bank in Mumbai. “They had bought in reasonable quantities since Monday."

The most-active October contract was 0.15% lower at Rs14,914 per 10 grams at 2:43pm. The contract had gained 0.5% in the previous session, before touching a high of Rs15,010, a level last seen on 14 August.

Dealers said buying appetite could revive if prices fall further from here as traders sought to replenish stocks to meet festive demand. The world’s largest consumer will celebrate Ganesh Chaturthi on 23 August.

“People are looking for $930 (an ounce) to buy," said another dealer from a private bank.