India spot gold steady in thin trade

India's spot gold prices were almost steady on Monday as the absence of primary dealers and buyers reduced trading activity, dealers said.

"Today there is almost no trade happening at retailer level," said a wholesaler in Mumbai.

On Monday, banks, the primary dealers of gold, remained closed on the occasion of Muharram.

India's gold futures were slightly higher on Monday tracking international cues, analysts said.

The benchmark February gold on the MCX was at Rs16,881 per 10 gm, up 0.34%, at 3.53pm.

International gold inched higher on Monday, helped by a recovery trend in the euro against the dollar, but trade was light as many investors stayed on the sidelines with US and European markets closed since late last week for Christmas.

Bombay Bullion Association, an association of retailers and wholesalers on Monday quoted spot prices for .999 purity at Rs16,965 per 10 gm.