Friday, July 9, 2010

Indian Gold Buying Picking Up A Little

According to a report by the Economic Times, there was a trickle of buying in India as prices had remained in the doldrums.
Gold buyers trickled in on Friday as traders anticipated a further fall in prices to stock for an upcoming festival season, even as a strong rupee acted in support, dealers said. "There are deals but the deal size has shrunk. Earlier it was 5-7 kgs, now it is 1-2 kgs,"...

"I have bulk of my orders at $1,184-1,185 (an ounce), very few are placed are above $1,190," said another dealer with a private bank.

Now that gold's on a run, those price points may shift upwards - but they may not. Resellers seem to be afraid of getting stuck with overpriced inventory.

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