India spot gold ends lower in line with overseas prices as demand wanes |
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Mon, 31 Dec 2007 14:05
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MUMBAI (Thomson Financial) - Indian spot gold ended lower after tracking overseas prices amid weak demand, despite trading higher earlier during the day, market participants said.In London, gold eased on profit-taking after it hit a seven-week high of 843.03 usd an ounce, and as the US dollar bounced back against world peers.'Demand has been weak ever since domestic prices breached 10,000 (rupee) levels,' said Bharghav Vaidya, proprietor of trading firm Bharghav Vaidya and Associates.Wholesale buyers and consumers have deferred their purchases due to the recent surge in prices, he added.Mumbai spot gold of 0.995-purity and of 0.999-purity both closed 20 rupees lower at 10,695 rupees per 10 grams and at 10,745 rupees per 10 grams, respectively.Silver of 0.999 purity closed 105 rupees higher at 19,560 per kg.tfn.newsdesk@thomson.comsim/ran/amCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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India's Q3 gold demand rises 5 pct but volatile prices slow buying - WGC 