Indian Gold Buying Still Slack

According to the Economic Times, wholesale gold buying is still dormant:

India gold buying remained slack for a second day in a row on Thursday afternoon as traders waited for price dips to stock up for the wedding season, and a weaker rupee also weighed on sentiment, dealers said.

"Demand is not good, it is lacklustre like yesterday, traders may be holding on their positions as they anticipate a fall below $1,100 an ounce levels," said a dealer with a Mumbai-based state-run bank, which deals in bullion.

Another dealer quoted supplied a figure that gibes with the first one's: $1,100-$1,110. The same bargain point still prevails.