MUMBAI 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)
Trending On Reuters
One of India's most powerful politicians, Jayalalithaa Jayaram, was sworn in as chief minister of Tamil Nadu following a nine-month break, after a court overturned her conviction in a corruption case. Full Article
Gold demand slows as China eyes equities; lack of weddings in India weighs Full Article