Indian Gold Buying Picking Up

Now that prices have lowered, buyers are coming in to the Indian market.

"Bookings are continuing today as traders are expecting a further rise in prices," said a dealer with a state-run bank. "I booked 200 kgs at $1,175-1,180 (on Friday), while today I ended deals for 150 kgs at $1,185/1,186."...

"Gradual demand is there, there will be further buying if prices fall further to $1,175 an ounce," said another dealer with a private bank.

So, the bargain point is around $1,175 in that market. That price is a little above the near-term recent lows.