India gold demand improves as prices soften
MUMBAI (Reuters) - India's gold demand improved on Tuesday as prices softened and dealers said it could pick up if the prices fall further.
"The demand has improved a bit as prices have come down, but people are still cautious of high prices," said Ashok Gupta of Delhi-based Ganpati Traders.
Indian gold prices, which mirror international trends, fell on Tuesday on overseas weakness.
The benchmark August contract was down about 120 rupees per 10 grams after losing more than 100 rupees the previous day.
If prices would come down to 12,000 rupees, one can see more demand, said a dealer at a large private bank.
However, the real rush will come only after August when a series of festivals and auspicious periods for marriages will increase demand for gold, 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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