Gold In Rupees Near Record High; Wholesale Demand Dormant

According to a report by Reuters India, gold being on the verge of a record high in yet another currency (the rupee) has left traders leery of committing to too-expensive stock four days before the Akshaya Tritiya festival.

"The feedback from customers is that they would wait rather than buy at current near-record levels," said a dealer with a private bullion importing bank....

"Nobody had expected such a sudden jump in prices, they are all waiting for below $1,200 (an ounce) levels," said another dealer with a state-run bank.

Again, the under-$1,200 figure is cited.