MUMBAI (Reuters) – Indian gold traded flat on Wednesday following overseas markets, but physical traders awaited a fall in prices before booking deals in a seasonally slack demand period.
* At 0938 GMT, the most-active gold for August delivery was 0.03 percent higher at 30,223 rupees per 10 grams. The contract shed 0.32 percent in the previous session.
* Gold in overseas market was $1,617.59/1,618.40 an ounce as against $1,616.60/1,619.60 on the previous day.
* A trail of disappointing data indicating sluggish U.S. economic growth has raised speculation the Federal Reserve’s bond-buying scheme dubbed “Operation Twist,” may last beyond its June deadline.
* The onset of the rains curtails festive and wedding activity. Indian farmers, who depend on the monsoon for a good harvest, contribute to more than half the country’s gold demand.
* “It is still slow, we might see little bit of buying due to auspicious reasons tomorrow,” said Ketan Shroff, director, Pushpak Bullion.
* Gurupushyamrit, considered an auspicious day for new ventures, falls on Thursday.
* Silver futures also traded flat following the yellow metal.
* The most-traded silver for July delivery on the MCX was 0.01 percent lower at 54,457 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Jijo Jacob)
