RTRS: India gold down on global cues, waning local demand
(Updates to trends in the physical market)
* Spot gold down at $933.55 an ounce
* London Brent crude down at $69.86 a barrel LCOc1
* Rupee at 47.70 per dollar
MUMBAI, June 15 (Reuters) - India gold prices edged lower on Monday on soft international prices, and waning domestic buying appetite as the wedding season neared its end, dealers said.
International gold fell towards $930 an ounce on Monday, pressured by a broadly firmer dollar, while easing oil prices dampened demand for bullion as a hedge against potential oil-induced inflation. See [nLF680811]
Commodities priced in dollars have lost value as the U.S. currency firmed, as they become more expensive for holders of other currencies.
"The demand is almost nil...very few people are buying as the wedding season is almost over," said a private bank dealer in Mumbai. The current wedding season in India ends in June.
However, there could be some buying if prices fall below 14,000 rupees.
