MUMBAI: Gold buying continued for a second week on Monday as traders expected a rebound in prices, dealers said.
"Bookings are continuing today as traders are expecting a further rise in prices," said a dealer with a state-run bank. "I booked 200 kgs at $1,175-1,180 (on Friday), while today I ended deals for 150 kgs at $1,185/1,186."
International gold was trading at $1,190.35/1,190.85 an ounce as against the previous close of $1,175.15/1,179.15, recovering from a 2-½ week low of 1,166.50 an ounce on Friday. Gold rose after falling for five straight sessions, with investors attracted by the precious metal in the face of remaining uncertainty over the global economy.
"Gradual demand is there, there will be further buying if prices fall further to $1,175 an ounce," said another dealer with a private bank.
