Do More With Reuters
Partner Services

India gold buyers continue to trickle in

Thu Apr 16, 2009 2:13pm IST
 
Email | Print | | Single Page
[-] Text [+]

MUMBAI (Reuters) - India's gold buyers continued to trickle in on Thursday to stock the yellow metal to meet festive demand, traders said.

"There is some take-off, but volumes are not huge," said Daman Prakash, director of Chennai-based wholesaler, MNC Bullion. "Sales are down by 50 percent compared to year-ago period."

The most-traded gold June traded flat at 14,288 rupees per 10 grams at 1:32 p.m., after hitting a low of 14,188 rupees in early deals.

"The demand is good but it is not that everyone is rushing in," said a dealer with a state-run bank in Mumbai.

"Most of the traders are waiting for sub-14,000 (rupees levels)," said the dealer.

Demand picked up last week as traders hunted for bargains after prices fell to a low of 14,022 rupees on April 6.

Akshaya Tritiya, which falls on April 27, is the second-most auspicious day to buy gold after Dhanteras.

India Investment Summit 2009
India Investment Summit 2009

Top executives and bankers discuss their own plans and the broader opportunities and challenges for India.  Full Coverage 

A customer exchanges money at a currency exchange center in Dubai, in this May 2009 file photo. REUTERS/Ahmed Jadallah
Dubai Debt Fears

Dubai says it will ask creditors at flagship firms Dubai World and property developer Nakheel to delay repayment on billions of dollars of debt, sending ripples through world stock markets.  Full Article 

Photo
People stroll outside the Taj Mahal hotel ahead of the first anniversary of the militant attacks in Mumbai, November 24, 2009.  REUTERS/Punit Paranjpe
Investors worry about another attack

The risk of militants striking again worries investors who fear that a second attack similar to last year's Mumbai raids could shake the economy.  Full Article | Full Coverage 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

road to Copenhagen

BLOGS

Photo
Calculated Move

Reliance aims big with $12 bln bid for LyondellBasell.  Blog 

showcase

U.S. Recession
U.S. Recession

A trip through the epicenters of the American recession.  Full Coverage 

 
Central Banks Cautious
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.   Full Coverage 

 
T P Raman
Column - RBI leads the world

Reserve Bank of India's approach ring-fenced the banking system.   Full Article 

 
Funding Blues
Funding Blues

A popular tactic used by Indian brokerages to raise money for rich clients is likely to be banned.  Full Article 

 
Not Enough Jobs
Not Enough Jobs

Venture capital creates jobs, but not enough.  Full Article 

 
Column - A Sweet Dream
Column - A Sweet Dream

There are good reasons for Ferrero to consider a combination with Cadbury.  Full Article