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.

"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.