Indian Wholesale Gold Demand Still Weak

According to an article in Moneycontrol, wholesale gold demand is still dormant. It's now six days in a row:

"The demand is nil... it's been a similar condition since many days, I have booked shipments only for a tonne since May, which is a bad figure given the festival," said a dealer with a state-run bullion dealing bank.

"I have advanced orders at about USD 1,170 (an ounce)," said another dealer with a private bank.

It isn't a case of sharp traders holding back because the price is too high. Retail demand on the eve of the Akshaya Tritiya festival is much lower than last year.