July 30: Gold buying eased on Friday after a four-day pick-up as traders waited for lower prices to stock for festivals next month, and premiums are expected to inch higher driven by lower-level buying, dealers said.
“Sales on Friday are in less quantity compared to previous days, I did 25-30 deals, in all 150 kgs between $1,160-1,168 (an ounce) on Thursday evening,” a dealer with a state-run bank in Mumbai said.
Gold was steady in early European trade as investors awaited US second quarter GDP data to find out more about the health of the world’s largest economy. Dealers said premiums charged on the market price of the yellow metal could inch higher on the back of continued offtake from the world’s largest consumer of bullion.
“It’s a seller’s market now, for 4 buyers there is only one seller, demand-driven premium would be witnessed in coming days,” said, Mr Pinakin Vyas, assistant vice-president with IndusInd Bank, a large gold importer. India’s gold demand is set to pick up for the busy festival season, starting with Raksha Bandhan on Aug 24, and extending till Dhanteras in November, the single-biggest gold buying day.