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A salesman arranges gold jewellery at a shop in Hyderabad in this January 10, 2008...
Fri, Jul 4 02:39 PM
MUMBAI (Reuters) - Indian gold prices eased slightly on Friday but stayed above the psychological mark of 13,000 rupees per 10 grams, drawing investors into selling bars, dealers said.
The profit taking had led to lower prices by up to 200 rupees per 10 grams in the local market over the bank rates, dealers added.
"There is no demand but there are a lot of investors selling," said Mahendra Bafna, manager at Riddisiddhi Bullions Ltd, a wholesaler in Mumbai.
"Bars are being sold mainly by those who have taken a hit in stocks."
Overseas gold, which guides the local market, was supported by crude oil propped up by tensions between Iran and Israel that raised concerns over supplies.
Gold generally follows oil as the latter stokes inflation, while the metal is seen as a good hedge against it.
Indian physical buyers were in no hurry to buy gold with the lean season keeping weddings and celebrations down to a minimum.
"The market is so quiet that prices are not getting discovered," said D.P. Naresh of Micro International, a wholesaler in Bangalore.
Following was the price of .995 gold in the spot market in rupees per 10 grams at 1:18 p.m. :
Bank Friday Thursday
==================================================
Scotia 13,180 13,300
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 2:28 p.m. :
Contract Current price Net change
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August 13,022 -32
October 13,122 -32
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