Wednesday, May 19, 2010

Indian Gold Demand Perks Up

The reason, of course, is lower prices. According to a report by Reuters India:
India's spot gold prices rose on Wednesday as a sharp drop in prices in the previous session attracted brisk buying, but dealers say the prices still remain higher to generate continuous demand, dealers said.

"The dip in prices in the previous session attracted some buying," said a dealer with a private bank....

India's price-sensitive customers, who drive the global gold demand, stayed away from gold buying festival of Akshaya Tritiya on Sunday, an indication demand may remain subdued through the rest of the year if global prices continue to stay firm.

Given how gold's fared so far, demand is likely to continue picking up.

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