MUMBAI (Reuters) - India’s gold demand abated on Thursday after picking up for three continuous sessions as domestic prices neared the 15,000-rupee mark, dealers said.
“Traders don’t want to buy, they want prices to fall now,” said a dealer with a state-run bank in Mumbai. “They had bought in reasonable quantities since Monday.”
The most-active October contract was 0.15 percent lower at 14,914 rupees per 10 grams at 2:43 p.m. The contract had gained 0.5 percent in the previous session, before touching a high of 15,010 rupees, a level last seen on Aug. 14.
Dealers said buying appetite could revive if prices fall further from here as traders sought to replenish stocks to meet festive demand. The world’s largest consumer will celebrate Ganesh Chaturthi on Aug. 23.
“People are looking for $930 (an ounce) to buy,” said another dealer from a private bank.
Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15 p.m. :
Gold .999/10 grams 15,062 15,018
Silver .999/kg 23,736 24,050
Following were prices in rupees on the Multi Commodity Exchange of India Ltd. at 2:44 p.m. :
Contract Current price Net change
Oct gold 14,918 -18
Sept silver 22,990 +92