Indian Gold Demand Still Weak, But...

...strength in the rupee is mollifying the recent rise in gold for Indian buyers. The Economic Times report which carries this informaiton quotes an unnamed dealer as saying:

"Thin trade is continuing even today as prices are on the higher side, last week we saw some good deals," said a dealer with a state-run bank in Mumbai.

Another dealer said that orders are coming in at $1,110 - presumably because of the stronger rupee. $1,100 used to be the buying point.