Friday, July 30, 2010

Indian Gold Buying Cools Off

According to a report by the Economic Times, Indian gold buying eased off because prices advanced; so did premiums for gold bars.
"Sales today are in less quantity compared to previous days, I did 25-30 deals, in all 150 kgs between $1,160-1,168 (an ounce) yesterday evening," said a dealer with a state-run bank in Mumbai....

Dealers said premiums charged on the market price of the yellow metal could inch higher on the back of contiued offtake from the world's largest consumer of bullion. "It's a seller's market now, for 4 buyers there is only one seller, demand-driven premium would be witnessed in coming days," said Pinakin Vyas, assistant vice-president with IndusInd Bank, a large gold importer.
The article also said premiums on gold bars rose to $1.50/oz from $1.10.

The buying hesitation, which some had feared would take place, hasn't. Evidently, buyers see recent prices as a bargain worth snapping up.


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