Gold prices soar to Rs 13,000; buyers keep away

Written by:
Subscribe to Oneindia News

Mumbai, Dec 17: India's gold traded above 13,000-rupees level on Wednesday, Dec 17 its highest level in more than two weeks, on international leads. Buyers kept to the sidelines on expectations of a price decline, traders said.

"Demand has totally dried up," said a dealer with a private bank in Mumbai.

"Clients are unwilling to place even advance orders due to volatility in prices," he added.

Benchmark February gold has gained 1.5 per cent since the start of the month and prices have moved in a wide 11,952-13,092 rupee band.

At 2.21 pm, Comex February gold was 1.52 per cent up at $855.5 an ounce, drawing strength from a weak dollar and strong crude oil.

"High prices are keeping buyers away," said Lalit Musal, a manager at Jaipur-based Motisons Jewellers, adding "we might see some revival in demand by mid-January," when the second phase of the wedding season begins.


OneIndia News (With inputs from Agencies)

Please Wait while comments are loading...