India gold flat; physical traders remain on sidelines

Last Updated: Thu, Jun 09, 2011 10:10 hrs

India gold steadied on Thursday following foreign markets, and traders remained on the sidelines in a seasonally weak demand period after wedding season neared an end and monsoons began.

nohup.out nohup.out_m_folder The most-active gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.06 percent higher at 22,536 rupees per 10 grams at 2:51 p.m.

nohup.out nohup.out_m_folder Overseas spot gold held steady as a wait-and-see sentiment prevailed on future U.S. monetary policy moves.

nohup.out nohup.out_m_folder Investors were eyeing the outcome of the European Central Bank for direction.

nohup.out nohup.out_m_folder The monsoon period is a seasonally slack one for gold demand and dealers expect traders to replenish stocks from September, when festivals and weddings re-start.

(Reporting by Siddesh Mayenkar ;Editing by Sunil Nair)

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