RTRS: India gold buying slack for 4th day; price dips eyed
(Reuters) - India gold buying remained weak for a fourth straight day on Thursday as prices still traded near their record high and jewellers awaited a fall, dealers said.
"There is no demand at all today as prices have been ruling at their record highs. It has been the same for the last few days," said a dealer with a state-run, bullion-dealing bank.
The most-active August gold contract was trading 0.64 percent lower at 18,517 rupees per 10 grams at 3:34 p.m., after hitting a high of 18,621 rupees earlier in the session, still near the record high of 18,850 rupees struck on Wednesday.
But a strong rupee helped sentiment making the dollar-quoted asset cheaper, they added.
The Indian rupee continued to strengthen, boosted by gains in domestic shares that raised expectations of capital inflows, while losses in the dollar against major units also helped.
"There could be buyers below $1,200 (an ounce)," said another dealer with a private bank.
(Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)
