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This is an archive article published on March 18, 2009

Gold falls below Rs 15,000,buyers still at bay

A fall in gold prices to below 15,000 rupees per 10 grams on Wednesday failed to attract buyers who preferred to wait for a further fall.

A fall in India gold prices to below 15,000 rupees per 10 grams on Wednesday failed to attract buyers who preferred to wait for a further fall,dealers said.

The benchmark April contract hit a low of 14,982 rupees before recovering to trade at 15,031 rupees at 1:34 p.m. The contract has shed about 1.3 per cent in the last three sessions.

8220;People are enquiring8230; I have orders placed below 900 levels or 14,800 rupees,8221; said a dealer with a private bank in Mumbai.

8220;Hopefully we may see some revival in physical segment on correction to 880 levels,8221; added the dealer.

8220;There is not much demand now,8221; said another dealer with a large private bank,adding 8220;If it comes below 900,we expect good volumes.8221;

Dealers said the price disparity between local gold and bank gold is also hurting demand.

8220;Still there is disparity of 50-100 rupees between bank and local gold blocking demand,8221; added the dealer.

 

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