Indian Wholesale Gold Buyers Vanish

According to an Economic Times report, Indian wholesale gold buying dried up as the price went above $1,140:

"There have been no bookings after 7th of April, when prices moved above $1,140 (an ounce), there was buying before that," said a dealer with a state-run bank in Mumbai....

"A fall to $1,120 or below that could activate the physical markets," said another dealer with a private bank. However, a strong rupee, which makes the dollar-priced gold cheaper, helped sentiment, they added....