"This is the last week of July before festivals in August, so physical traders are taking every opportunity to enter," said Pinakin Vyas, assistant vice-president, treasury, with IndusInd Bank, a gold importer.... "I priced-in for a sizeable quantity of gold from yesterday evening below $1,190 levels," said Vyas.A lower prices is having its effect, even if a weakening rupee is encouraging stockists to buy at lower US$ prices. It might be an auspicious season for them this time 'round.
Tuesday, July 20, 2010
Indian Gold Buying Accelerates
According to a report by the Economic Times, continued drops in gold presented another opportunity for resellers to stock up for festival season.