Wednesday, May 5, 2010

Indian Wholesale Gold Demand Less Dormant But Still Weak

According to a report by the Economic Times, Indian gold demand was waking up but was still sluggish:
"I did more than 150 kgs yesterday at about $1,175 (an ounce), and I have booked only 60 kgs since morning as the rupee is weak," said a dealer with a state-run bullion dealing bank in Mumbai....

"Still buying is not in full swing, I have many advanced orders at lower levels below $1,160 level," said another dealer from a second state-run bank.
Again, a weakening rupee hindered gold buying.

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