India gold prices flat; local demand weak
MUMBAI (Reuters) - India gold prices were flat on Tuesday, and local demand remained weak as traders refrained from taking fresh positions in the middle of a seasonally slack period, dealers said.
"There is hardly any demand, there aren't any advanced orders as well," said a dealer with a private bank in Mumbai. "Traders don't want to buy due to the seasonal slackness."
India's gold market is in a lean season as fewer weddings take place during monsoons. But a series of festivals and auspicious days for weddings is expected to boost gold demand from Augus 1949132142 till the end of the year.
The most-active August contract was flat at 14,594 rupees per 10 grams at 1:49 p.m. as pressure from a strong rupee was offset by strong crude oil prices.
Dealers said a fall in prices below $900 an ounce could re-kindle buying interest.
"Gold below 14,300 rupees could result in good demand," said another dealer with a state-run bank.
(For more news on Reuters Money click in.reuters.com/money)
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