"At the retail level, they are offering discounts of Rs 200-300 rupees (per 10 grams) [about 1 to 1 1/2%] ... but no one is interested," said a dealer with a state-run bank in Mumbai....Rupee strength has held the price down for Indian buyers, and continued strength may entice some buyers back in, but the slow season has definitely arrived.
"We are selling, but in very minimal quantity, like we did only 50 grams since morning at 1,233/1,234 (an ounce)," said another dealer with a private bank.
Thursday, June 17, 2010
Inain Gold Buying Remains Weak, Despite Discounts
As explained in a report in the Economic Times, high prices combined with seasonal weakness has weakened demand to the point where some sellers are offering discounts on bars: