RTRS: India gold falls, but fails to attract buyers
India gold futures fell for a fourth straight day on Tuesday tracking international markets, but still failed to attract local buyers, traders and dealers said.
"There are not many enquiries even at these levels," said Pinakin Vyaas, chief manager, treasury at IndusInd Bank in Mumbai.
A further dip in prices to $820 (an ounce) should attract buyers as stockists will have to plan their inventories ahead of wedding season demand, traders said.
"In a week's time there should be (buying) activity on dips," IndusInd's Vyaas said.
The benchmark February contract traded 209 rupees lower at 13,120 rupees per 10 grams at 2:24 p.m., after having fallen more than 3 percent in the last three sessions.
"There are still no buyers.. but there are sellers," said Haresh Kewalraman, director with Bombay Bullion Association.
Market participants said traders and retail buyers had accumulated stock in good quantities between August and September, when prices were at 11,500-12,500 rupees.