Indian Gold Buying Remains Tepid

According to a report by the Economic Times, Indian gold buying has remained near-dormant.

"Nothing much... there were a few stray deals yesterday at about $1,216 (an ounce), but nothing to write home about," said a dealer with a state-run bullion dealing bank in Mumbai....

"There might be buyers below $1,200," said another dealer with a private bank.

Again, price consciousness plus the onset of monsoon season have kept demand low. During that season, rural consumers have other uses for their money.