Wednesday, April 28, 2010

Indian Wholesale Gold Demand Remains Dormant

According to a Reuters India report, Indian wholesale demand remained listless for the second day in a row - today, because of yesterday's run-up.
"Offtake is very little today on a sudden spike in prices," said a dealer with a state-run bank in Mumbai....

"I have a few orders below $1,150," said another dealer with a private bank.
Also draining demand was a weaker rupee, which made gold more expensive for them.

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