MUMBAI: India gold prices reversed early losses on Thursday supported by a weak rupee locally, with buyers reluctant to enter into fresh deals in
the middle of a seasonally slack period, dealers said.
The most-active August contract was 0.09 per cent higher at 14,783 rupees per 10 grams at 2:03 pm., after hitting a low of 14,720 rupees earlier. The contract had gained 0.8 percent in the previous session.
"We haven't seen sales since morning as prices have moved up," said a dealer with a private bank in Mumbai. "Demand has slowed as we are in a slack period." Fewer weddings take place during monsoons, making it a lean season for the Indian gold market.
But a series of festivals and auspicious days weddings is expected to boost gold sales from August-end. Dealers said a price decline could re-kindle buying interest. "There are some orders at $900 (an ounce)," said another dealer with a state-run bank. Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15 pm.
