Tuesday, May 11, 2010

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.

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