praveen
01-01-2008, 06:29 PM
Precious metals market saw limited trading on Tuesday amid lack of cues from overseas markets closed for the New Year and dealers said buyers would wait for prices to soften or stabilise.
"Only if prices fall or stay like this for sometime will there be some demand," said Suresh Hundia, president of the Bombay Bullion Association.
Overseas gold was poised to climb higher as geopolitical tensions, slower growth in the US, mortgage crisis and firm oil prices were drawing investors to the safe haven appeal of gold, analysts said.
In the local markets, however, gold's 10,000 rupees per 10 grams levels has daunted physical buyers, many of who are choosing to recycle their previously held gold for buying gold necessary for celebrations.
"Only if prices fall or stay like this for sometime will there be some demand," said Suresh Hundia, president of the Bombay Bullion Association.
Overseas gold was poised to climb higher as geopolitical tensions, slower growth in the US, mortgage crisis and firm oil prices were drawing investors to the safe haven appeal of gold, analysts said.
In the local markets, however, gold's 10,000 rupees per 10 grams levels has daunted physical buyers, many of who are choosing to recycle their previously held gold for buying gold necessary for celebrations.