India gold demand abates after early week's pick-up
MUMBAI (Reuters) - India gold demand abated on Friday as prices rose late on Thursday after a modest pick-up in demand in the previous four sessions, dealers said.
"Demand is dull after yesterday's rise in prices," said a dealer with a state-run bullion dealing bank in Mumbai.
Overseas spot gold steadied near its Thursday's high of $1,047.50 an ounce.
Dealers said traders were waiting for a price dip before entering into fresh deals to stock up for the wedding season that will last till December.
"Traders would be interested if prices come down to 15,800 rupees (per 10 grams) or $1,020 (an ounce)," said Ketan Shroff, director, Pushpak Bullions.
"Demand may continue due to marriage season and we have some advance orders at $1,025 an ounce," added the dealer.
(Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)
- Tweet this
- Share this
- Digg this
- Iran hangs woman convicted of killing alleged rapist
- Google's Pichai to oversee major products and services
- UPDATE 1-UK's Labour suffers setback as leader in Scotland quits
- India picks Israel's Spike anti-tank missile over U.S. Javelin - source
- Maker of U.S. highway guardrails stops shipments over safety concerns
Finance Minister Arun Jaitley favours a cut in interest rates to trigger demand in the construction sector, a newspaper report said on Saturday, but the Reserve Bank of India (RBI) has signalled it will not ease policy until it is confident of lower inflation. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article