Wednesday, June 16, 2010

Inain Gold Buying Held Off By Rising Gold Price

According to a report by the Economic Times, Indian gold buying has gone dormant again because of rising gold prices.
Gold extended gains on Wednesday afternoon, deterring physical buyers from making fresh purchases, even though the rupee acted in support, dealers said. "There are no buyers... it was the same yesterday," said a dealer with a state-run bullion dealing bank....

"We saw good buying below $1,220 (an ounce) levels... probably that's when they will think of buying," said another dealer with a private bank.

The price that the second dealer quoted has crept up recently: it used to be $1,200. It looks like price acclimatization is taking place again.

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