Indian Wholesale Gold Demand Tails Off After Spurt Of Activity

In part because the rupee weakened, in part because prices recovered, wholesale demand went dormant again according to a report in the Economic Times:

The physical market is quiet today, but yesterday sales were good, I believe most jewellers have already bought their Akshaya Tritiya requirements," said a dealer with a state-run bank in Mumbai....

"I have many orders below $1,200," said another dealer with a private bank.

Evidently, the dealers are adjusting to the higher prices of late. It might be too much to ask at this point, but $1,200 as a price point may be on the way to becoming the new $1,100.