India gold down, buyers seek declines
MUMBAI (Reuters) - India's gold fell for a third consecutive trading session on Monday on global leads, and domestic buying interest slackened as buyers stayed away hoping for bigger falls.
"There are hardly any (gold) buyers... but more sellers," said Mayank Khemka, managing director with Delhi-based Khemka International, a large gold importer.
The benchmark gold February contract traded 120 rupees lower at 13,436 rupees per 10 grams at 2:03 p.m., above 18 percent higher than its contract low of 11,411 rupees.
Market participants said traders and retail buyers had accumulated gold in good quantity, when prices remained between 11,500-12,500 during August-September period.
Buying interest has not revived despite a disparity of 350-400 rupees (per 10 grams) between international and local gold prices, said Khemka.
"We may see some buying activity by mid-January, when weddings will start," said Pinakin Vyaas, chief manager, treasury, at IndusInd Bank in Mumbai.
Mid-December to mid-January is considered an inauspicious period for weddings.
"People would want to buy if prices fall below 12,500 rupees," Khemka added.
Following were the prices being quoted by Axis Bank in rupees in the spot market at 1:15 p.m. : Continued...
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