Friday, April 30, 2010

Indian Wholesale Gold Demand Dormant For Third Day In A Row

According to a Reuters India report, wholesale gold demand in the Indian market was weak yet again.
"Demand is not much as prices are very high, it was slack yesterday as well. People are waiting for $1,160 (an ounce)," said a dealer with a state-run bank in Mumbai.

Part of the reason for the raising of the buy point was strength in the rupee, but gold's recent performance has had its influence too. $1,100, and even $1,120-25, has been left in the dust.

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