Indian Buyers Hold Off, Wait For Lower Prices

Indian gold buying is still soft, as buyers believe that prices will fall further. The rupee has weakened, adding to the abatement.

"I did about 70-100 kgs yesterday evening at $1,105-1,120 (an ounce), but people are moving away now as they expect a fall below $1,100," said a dealer with a state-run bullion dealing bank.

Another dealer said that the orders are piling up at $1,095-$1,100. Evidently, the bargain buying there is a moving floor. Right now, it's moving downwards.