August 19, 2009 / 9:29 AM / in 10 years

UPDATE 1-India gold traders continue to trickle in

(Updates to trends in the physical market)

* Spot gold down at $946.10 an ounce XAU=

* London Brent crude lower at $71.94 a barrel LCOc1

* U.S. weekly mortgage market index 1100 GMT [MI/DIARY]

MUMBAI, Aug 19 (Reuters) - India gold traders continued to trickle in on Wednesday, after picking up bargains for two continuous sessions, as they continued to stock up for festivals taking advantage of lower prices, dealers said.

“We have seen continued interest at around $930-935 (an ounce),” said a dealer with a private bank in Mumbai. “They are all buying for festivals.”

Spot gold XAU= was bid at $934.45 an ounce at 2:50 p.m., against $937.20 an ounce on Tuesday. Prices have fallen 2 percent since the start of August.

Dealers said buying appetite would increase if prices decline further ahead of festivals.

“I have plenty of orders lined up at $925,” said another dealer with a state-run bank.

The world’s largest consumer of gold will celebrate Ganesh Chaturthi later this month.

Following were prices in rupees on the Multi Commodity Exchange of India Ltd. at 2:47 p.m. <0#MAU:>:

Contract Current price Net change

======================================================

Oct gold 14,862 -8

Sept silver 22,630 -308

Reporting by Siddesh Mayenkar; Editing by Sunil Nair

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