Indian Wholesale Gold Buyers Still Staying Away

Wholesale buyers, according to the Economic Times, are staying away from the gold market at current prices because they're waiting for a drop:

"Everyone expects the prices to be lower close to 16,000 [rupee] levels [or about $1,100] before purchasing more...but that's seems unlikely the wedding season will be for next two months and demand will keep prices higher," said a dealer at a private bank, which deals in bullion.

Earlier in the article, it's suggested that stock levels are fine right now despite the beginning of the wedding season.