India's gold buyers stayed away from making fresh purchases on Monday expecting further correction in prices, with the flow of scrap gold slowing in the local market, dealers and traders said.
"The local market is still dull...," said Pinakin Vyaas, chief manager-treasury with IndusInd Bank in Mumbai.
"We may witness some activity if prices correct to 13,500 (rupees per 10 grams) or $880 (an ounce)," said Vyaas.
Gold futures on the continuation charts MAUc1 was 121 rupees 1ower at 14,060 rupees per 10 grams at 1:48 p.m. on profit-taking, after gaining over 13 percent since mid-January to rise to its record level of 14,490 rupees on Jan. 30.
