Indian Gold Buying Pulls Back Somewhat

According to a report by the Economic Times, Indian gold buying eased from Friday's levels as lower prices are still being waited for.

"Today sales are down, but Friday we did good volumes at $1,187-1,195 (an ounce)," said a dealer with a state-run bullion dealing bank in Mumbai. "There was activity on Friday evening but today there are enquiries, but nothing is materialising," said another dealer with a private bank....

Traders and dealers said the recent correction in prices seems to have pushed up sales in July as traders replenished stocks for the upcoming festivals, which will last till November. "I ended up booking 5 times more for shipments than last month," said the dealer at the state-run dealer. "I have plenty of orders below $1,900 (an ounce)," said the private bank dealer.

Also mentioned in the article was a forecast of somewhat higher level of imports into India this year as compared to last year's 480-490 tonnes.