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ENM: India gold buying poor; trader wait price drop
 
MUMBAI: India gold buying remained slack for a third day in a row on Friday as traders waited for a further price drop to stock up for the wedding season, dealers said.

The wedding season starts in April. "Market is looking at prices below $1,100 an ounce before (we) start buying...international gold is still trading around $1,125 ..the Greece problem is giving some support," said a dealer with a Mumbai-based private bank, which deals in bullion.

Overseas gold edged down on Friday as early bargain hunting subsided and investors turned to currencies for direction, but concerns about Greece's debt problems could still spur safe-haven buying.

Local gold prices traded steady tracking the international market and the weak currency, which makes the dollar-quoted asset expensive.

Physical demand was visible three days ago, when the price was between $1,100-$1,110.

The domestic futures market was slightly lower tracking international cues.
Source