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:
"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....

"I have some orders at $1,150-1,159," said another dealer with a private-run bullion dealing bank.
The rupee hit its lowest level in six weeks, adding to the expense of buying gold.

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