Gold prices were steady and saw very little volatility, as has been the case in the last few trading sessions.
In the spot market, gold of 24 karats purity was seen trading at Rs 32,500 in Mumbai, almost the same levels that was seen in the last few days.
Dealers say that while the international prices of gold increased slightly, in India, we could see higher prices, given that the rupee weakened against the dollar.
There were some reports that a Minister in the government had sought devaluation of the rupee, which was later denied. This led to an initial drop in the rupee.
It is important to note that a drop in the rupee results in the prices of gold going higher.