Wednesday, July 14, 2010

Indian Gold Buying Dormant

Despite the strengthening rupee, Indian gold buying is still weak due to higher U.S. prices.
"There have been no deals since yesterday evening after the sudden jump in prices," said a dealer with a state-run bullion dealing bank in Mumbai....

"I have plenty of orders in between $1,185-1,195 (an ounce)," said another dealer with a private bank.
A new festival season is coming up in late August and September, so resellers have lots of time to stock up.

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