Mumbai: India's spot gold prices rose on Thursday on some bargain-buying after prices fell nearly three percent in the last two sessions, dealers said.
"Prices fell below 16,600 rupees (10 gm) levels in the previous session which attracted some buying today," said a dealer with a private bank based in Mumbai.
Dealers said the Hindu wedding season, which will last till December-end also supported the prices.
India's December gold imports are likely to spurt to 15-20 tonnes from 3 tonnes a year earlier, mainly on the back of the wedding season demand and easing prices, the head of the Bombay Bullion Association (BBA) said in an interview on Dec. 9.
International gold prices spiked above $1,100 per ounce on Thursday as a recent drop to seven-week lows spurred some bargain hunting in a holiday-thinned market.
Bureau Report
First Published: Thursday, December 24, 2009, 18:00