MUMBAI: India gold buying abated on Thursday as traders waited for dips after offtake picked-up late in the previous session, when prices briefly moved below $1,100 an ounce, dealers said.
"People are now waiting for $1,085 (an ounce), yesterday we did good business below $1,100," said a state-run bullion dealing bank dealer. International spot gold, which guides the domestic markets, was trading at $1,092.45/1,093.25 an ounce against its previous close of $1,097.25/1,098.05.
Gold struck a low of $1,085 in the previous session. Gold fell to near a two-week low as the dollar rose after Fed Chairman Ben Bernanke's reaffirmation of an extended period of low US rates boosted risk-seeking but also raised some concerns about global growth.
A weak rupee, which makes the dollar-quoted asset expensive, also weighed on sentiment, they added. The Indian rupee eased on Thursday afternoon, weighed down by a fall in local share prices and the dollar's gains overseas, while traders eyed Friday's federal budget for cues on foreign investment.
