Monday, April 26, 2010

Indian Wholesale Demand Returns To Dormancy

According to a report by the Economic Times, there was a spurt of demand for gold when prices were lower which faded as prices moved up:
"Demand is a little less today, but there were deals struck on Friday at $1,140 (an ounce)," said a dealer with a state-run bullion dealing bank in Mumbai.

"There was a problem with supplies last week [due to flights from Europe being grounded], but now it has been restored," the dealer said.
The article also mentions a strengthening rupee aiding demand.

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