MUMBAI India gold demand abated on Friday as prices rose late on Thursday after a modest pick-up in demand in the previous four sessions, dealers said.
"Demand is dull after yesterday's rise in prices," said a dealer with a state-run bullion dealing bank in Mumbai.
Overseas spot gold steadied near its Thursday's high of $1,047.50 an ounce.
Dealers said traders were waiting for a price dip before entering into fresh deals to stock up for the wedding season that will last till December.
"Traders would be interested if prices come down to 15,800 rupees (per 10 grams) or $1,020 (an ounce)," said Ketan Shroff, director, Pushpak Bullions.
"Demand may continue due to marriage season and we have some advance orders at $1,025 an ounce," added the dealer.
(Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)
Trending On Reuters
The U.S. Department of Justice (DoJ) has subpoenaed India's largest drugmaker Sun Pharmaceutical Industries Ltd seeking information about the pricing and marketing of the generic drugs it sells in the United States, the company said on Saturday. Full Article