Wednesday, July 28, 2010

Indian Gold Buying Picks Up After Plummet

According to a report by the Economic Times, lower prices have spurred Indian gold buying.
"Buying is definitely there.... Traders, who bought 10 kgs a few days back, are now buying 40 kgs," said Harshad Ajmera, proprietor, of Kolkata-based JJ Gold House...

"There could be more buying if prices fall to about $1,150 (an ounce)," said dealer with a state-run bank in Mumbai.
Also aiding the buying spree was a strengthening rupee, although the direction of Indian stocks didn't lend much confidence to a bullish outlook for gold.

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