Friday, July 16, 2010

Gold Buying Picks Up In India

According to a report by the Economic Times, gold traders are trickling in to the buying counters.
"I booked deals for quite a decent quantity since yesterday as prices are almost flat," said a dealer with a state-run bullion dealing bank.

"Jewellers are offering discounts of 7,000 rupees ($149.8) per kg," said another dealer of a private bank, which deals in bullion.

"I have orders below $1,204," said the first dealer. However, a weaker rupee, which makes the dollar-quoted yellow metal expensive, weighed.

That trickle is likey to become a flood if gold prices stay flat after plummeting earlier this morning.

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