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India gold demand slack, prices put buyers off

India's gold demand was slack with higher prices daunting buyers in the midst of the busy season.

business Updated: Sep 06, 2007 22:07 IST


India's gold demand was slack on Thursday with higher prices daunting buyers in the midst of the busy season, dealers said.

"Calls have been coming, but when they hear the price, they don't want to buy," said Jayanti Lal, a large wholesaler in Vijayawada. "There are no weddings this month either."

Lal said he was quoting gold at 9,200 rupees per 10 grams, but his clients wanted to buy at approximately 8,850 rupees.

Dealers in several banks also said demand was nearly absent with buyers wishing for falls of $5-$9 an ounce from current levels.

One dealer in a large state-run bank said the previous day had seen little sales of the yellow metal.

Gold prices have followed the international markets, where firm crude oil prices and expectations of strong seasonal buying in Asia supported prices.

In the local market, a slightly stronger rupee kept prices from rising in tandem with international prices.