Indian Gold Demand Still Soft

The price point is still $1,100/oz, according to this latest Reuters report:

"Today demand is down as prices have shot up," said a dealer with a private bullion dealing bank in Mumbai....

"People are playing the wait game, they want levels below $1,100," said another dealer with a state-run bullion dealing bank.

The report also notes, though, that the rupee is strengthening; that strength makes the recent rise less in rupees than in greenbacks.


This Indian gold expert expects gold to come down in the next couple of weeks, because he expects U.S. dollar strength to resume.