Mumbai: India's gold prices were lower on Friday but demand continued to remained weak as buyers awaited bigger falls after the previous day's drop to its lowest in a month, dealers said.
But silver was in focus as prices remained close to the 13-month low struck on Thursday and the heavy demand outstripped supplies, dealers said. "For gold the prices are looking bearish so there is little demand," said Prithviraj Kothari, director at Riddisiddhi Bullions Ltd.
"But for silver, there is a huge demand and stocks are not there much." Foreign gold that guides the local market, bounced from a 1-month low as crude oil prices rose and a rebound in equities eased worries of a global recession for the time being.
But a stronger rupee against the dollar helped to keep local costs down as most of the metal is imported and paid for in the U.S. currency.
A dealer in a large bank said a moderate amount of gold was sold at the previous day's dip. With Dhanteras and Diwali coming up at the end of the month, retail sales is expected to be strong and dealers said a fall below 12,000 rupees per 10 grams could meet with heavy buying.
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