Thursday, June 24, 2010

Some Indian Gold Buying, But Not Much

According to a report, Indian gold buying sunk after a pick-up yesterday because more price drops are being awaited. A weaker rupee also had an influence.
"There is not much business today as market is very steady and everyone wants a fall," said a dealer with a state-run bullion dealing bank....

"There were deals yesterday, we booked about 150 kgs in between USD 1,227/1,229 (an ounce)," said another dealer with a private bank.

Bank dealers said a weaker rupee kept the downside in gold prices restricted.

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