Indian Gold Buying Damped By High Prices

Although the rupee rose, mitigating the high price in greenbacks somewhat, Indian gold demand was still slack for the second day in a row.

"Demand is slightly low since yesterday due to higher prices, despite a strong rupee," said a dealer with a state-run bullion dealing bank in Mumbai....

The Indian rupee edged higher as domestic shares shed most of their early losses while some weakness in the dollar against major currencies also helped.