Signs Of Support In Indian Market

As reported by Reuters, Indian gold buying is picking up now that prices have fallen below $1,100/oz:

India gold traders continued to pick bargains on Wednesday afternoon as the yellow metal traded below the $1,100 an ounce level, but a weaker rupee weighed on sentiment, dealers said.

One dealer, with a state-run Mumbai bank, said specifically: "'I have orders lined-up in the range of $1,075-1,085.'"

The article also mentions that the weakeing rupee is cutting into that demand.