India gold buyers continue to trickle in
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.
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