Gold demand abates; traders eye falls

Gold demand abates; traders eye falls

Mumbai: India’s gold demand abated on Tuesday after picking up in the previous session, as traders anticipated further falls ahead, dealers said.

“We filled in some orders in between $940-945 (an ounce) yesterday, but now they want lower prices," said a dealer with a private bank in Mumbai.

The most-traded October contract was 0.13% lower at Rs14,978 per 10 grams at 1:47pm.

“Traders don’t want to fill in orders at prices near Rs15,000 levels," said the dealer.

Dealers said the underlying demand is strong at lower levels, as traders would seek to replenish stocks to meet festive demand.

“We have some orders lined up in between $930-940," said another dealer with a state-run bank.

India is scelebrating Ganesh Chathurthi, the first in a series of festivals, which is expected to revive gold’s physical offtake.