Thursday, July 8, 2010

Indian Gold Buying Drained By Higher Prices

According to a report by the Economic Times, Indian gold buying tapered off because prices rose above $1,200.
"There was good buying for over 3-4 days, but sales are lagging as prices crossed $1,200 (an ounce)," said a dealer with a state-run bullion dealing bank in Mumbai....

"There could be more buying if prices move to $1,190 an ounce," said another dealer with a private bank....

Traders have been stocking the yellow metal for the upcoming festivals, when demand for bullion goes up.

The price acclimatization is now going the other way, as the second quote indicates.

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