Indian Gold Buying Picks Up Somewhat

According to a report by the Economic Times, gold buying in India increased a little due to the stronger rupee.

"There is buying going around below $1,260 and at current levels," said a dealer with a state-run bullion dealing bank in Mumbai....

The rupee plays a pivotal role in determining the landed cost of the yellow metal, which is quoted in dollars. "Rupee is in supporting mode, that's why these deals," said another dealer with a private bullion dealing bank.

There was no mention of price acclimatization taking place, although it might be a factor.