Firm international gold prices are likely to keep importers in India away from the market in the hope prices would fall in the near term, traders said on Monday. They believe global prices may be headed lower but are unlikely to return to 270 dollars to 275 dollars per ounce, a level attractive for Indian importers. "I think we are moving towards a new comfort level of 279 dollars-285 dollars per ounce," a bullion analyst with Agee Gold Refiners said. Spot gold opened higher in Europe at 286.50/287.00 dollars per ounce, against 286.00/286.50 dollars at the close of trade in New York on Friday. Spot gold was quoted at 278 dolalrs-279 dollars a week ago.
NSTL
