Mumbai, January 25: India gold buying continued on Monday afternoon, with limited quantities changing hands below the $1,100 an ounce level, after offtake picked up for most part of last week, dealers said.
“The demand is moderate today, there was interest below the $1,100 (an ounce) level, but not comparable to last week,” said a dealer with a state-run bullion dealing bank.
“Buying is still there, I executed deals at $1,098 an ounce… I must have done a little more than half-a-tonne last week,” said a dealer with another state-run bank.
International gold, which guides the domestic markets, was trading higher at $1,098.75/1,099.50 an ounce as against the previous close of $1,091.65/1,093.65 an ounce, mainly helped by a weaker dollar overseas.
“Most of my clients have left orders at $1,080/1,090 (an ounce),” said the state-run bank dealer.
A slightly weaker rupee, which makes the dollar-quoted asset expensive, weighed on sentiment.
The Indian rupee edged lower weighed by losses in the domestic sharemarket, but some dollar selling by exporters and some investment inflows for share offers helped limit further falls.
—Agencies