Indian Wholesale Demand Evaporates

According to an Economic Times report, a combination of high gold prices in U.S. dollar terms and a weakening rupee kept wholesale buyers away in the Indian market.

"Today demand is negligible because the rates have gone up and even rupee is at 44.70, so the impact is double... there was buying until Tuesday...," said a dealer with a state-run bank in Mumbai.

The article notes that the rupe has recovered somewhat, so there may be a little action tomorrow.