RTRS: India gold buying cools off as prices edge up
MUMBAI: India gold buying cooled off on Friday after picking up at the start of the week, as prices bounced slightly from their three-week low, dealers said.
"There is no demand today, my order sheet is empty... there was heavy demand since Monday," said a dealer with a state-run bank in Mumbai.
"Clients have placed orders at $1,115-1,120 (an ounce)," said another dealer with a private bank.
The most-traded February contract was 0.84 percent higher at 17,221 rupees per 10 grams, snapping a six-day fall after having struck a three-week low of 17,025 rupees in the previous session, a level last seen on Nov. 20.
Dealers said there had been a continuous flow of orders this week as traders stocked to meet wedding demand, that would last till December-end.
"In last 2-3 days, I must have booked more than 0.5 tonnes," said the state-run bank dealer.
"We did good business this week," added the dealer with the private bank.