Friday, May 28, 2010

Indian Gold Buying Picks Up A Little

According to a report by the Economic Times, falling prices (in rupee terms) called forth a bit of buying:
"There has been a little buying, but I am not seeing big deals at the moment," said a dealer with a state-run bank, adding that the Indian rupee is acting as a support....

Dealers said demand is likely to face the seasonal monsoon slackness for the next two months. "We might have to see little buying in June and July due to monsoons," said another dealer with a private bank.
Another reason, of course, is demand being saturated by the buying for the Akshaya Tritiya festival.

No comments:

Post a Comment