MUMBAI: Gold buyers stayed on the sidelines on Wednesday seeking lower prices as festivals ended in the world's largest gold consuming nation,
dealers said.
"Demand is very dull as Diwali/Dhanteras is over," said a official from a state-run bullion dealing bank. International spot gold was at $1,057.00/1,057.80 an ounce as against $1,054.00/1,056.00 on Tuesday. India celebrated Dhanteras, the biggest gold buying festivals, and Diwali, the festival of lights, last week, when gold buying picks up for auspicious reasons. Dealers said any decline in prices could bring traders back in the market.
"I have plenty of orders below $1,050 an ounce," said another dealer with a private bank. Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15 p.m.
