"There is not much business even at current levels, we did about 200 kgs at about $1,215 (an ounce)," said a dealer with a state-run bullion dealing bank in Mumbai....
"There could be some buying below $1,210," said another dealer with a private bank.
With respect to June demand, imports are expected to halve in comparison to demand in the same month last year.
"June and July are bad months for gold demand and even prices are at record high... we may import less than 15 tonnes (in June)," Prithviraj Kothari, director of the Bombay Bullion Association told Reuters.
Normally, this slowing would be reflected in a drop in the gold price around this time. So far, one hasn't kicked in.
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