Indian Gold Demand Still Dormant, Price Drops Waited For

Despite a strengthening rupee lowering the price for Indian buyers early this morning (ET), demand is still tepid as buyers wait for lower prices still.

"Market is very, very thin as they want lower-priced stocks, the rates have also gone up...," said a dealer with a state-run bullion dealing bank in Mumbai....

"They could buy if prices come down to $1,200 (an ounce)," said another private bullion dealing bank's dealer.

That hope is even further away now, as gold is holding above $1,255, but there's been no bend on that price point as yet.