Indian Wholesale Demand Still Dormant

Although the strengthening rupee helped, traders still stayed away from buying because of the risk of being stuck with high-priced stock during the slow season.

"There were a few stray deals in the morning and rupee is in supporting mode," said a dealer with state-run bullion dealing bank....

"Imports are not happening, most scrap is used to meet demand in the current slack season," said another dealer with a private bank, adding "any corrections to Rs 18,200-18,500 would be bought."

That might be the case tomorrow.