"I haven't struck any deals since morning as the rupee is not acting in support, the weakness started yesterday evening, when prices displayed huge volatility," said a dealer with a state-run bank in Mumbai....The rupee hit its lowest level in six weeks, adding to the expense of buying gold.
"I have some orders at $1,150-1,159," said another dealer with a private-run bullion dealing bank.
Thursday, May 6, 2010
Indian Wholesale Gold Demand Fades Back To Dormancy
According to a report by the Economic Times, Indian demand has drained again: