Gold demand turned quiet on Friday as most banks, the primary sellers of gold, were closed for a holiday, traders and dealers
said.
"Since morning demand is absolutely calm...," said Daman Prakash, director with MNC Bullion in Chennai.
Traders picked up bargains as gold fell about 2.5 per cent in the previous session to replenish stocks in anticipation of wedding demand.
Gold futures traded 0.18 per cent lower at Rs 14,664 per 10 grams at 1:51 p.m.
"Yesterday the business was brisk but without great enthusiasm. I could sell 85 per cent of all gold lying with me since December," said Prakash. "I had to sell without charging any profit margin."
"We sold around 200 kgs of gold yesterday evening at around $910 (an ounce levels)," said a dealer with a state-run bank in Mumbai.
Traders said a further correction in prices would boost wedding sales. The wedding season will start in mid-April.
"Most of the bulk orders are placed in $875-905 (an ounce) levels," said Harshad Ajmera proprietor with Kolkata-based JJ Gold House.
"If prices come down to $880 levels then we could see further business activity," said a dealer with a large private bank in Mumbai.
