Indian Gold Buying Picks Up A Little After Prices Fall

According to a report by the Economic Times, Indian gold demand picked up from dormancy because of the recent price drop:

India gold buying picked slightly on Friday as prices fell for a second day, with traders waiting for the $1,200 an ounce level to replenish stocks, dealers said.

"There is some movement on buying front after days of slackness," said a dealer with a state-run, bullion dealing bank....

"There are buyers lined up below $1,200 level," said another dealer with a private bank.

Although the second source didn't say how much demand there was below the $1,200 level, the fact that there is some indicates acclimatization to higher prices.