India gold demand low, buyers eye further falls

MUMBAI (Reuters) - India's gold demand was low on Tuesday despite a fall in prices as buyers awaited further dips, dealers said.

"Demand is not very good at the moment...there has been some interest at lower levels but buyers are waiting for further price falls," said a dealer in a large private bank.

Indian gold futures eased on Tuesday tracking overseas weakness and falling crude oil prices.

"There was some good demand during weekends. But now the marriage season is almost over and we are not expecting the demand to pick up," said Ashish Pethe of Mumbai-based Waman Hari Pethe Jewellers.

If prices come down to 11,500 rupees per 10 grams, demand may rise, he said.

Following was the price being quoted by a bullion bank in rupees per 10 grams for .995 gold at 1:15 p.m. :

Bank Tuesday Monday

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Axis Bank 12,017 12,106