Monday, July 12, 2010

Indian Gold Buying Pulls Back

According to a report by the Economic Times, Indian gold buying retreated as buyers wait for lower prices.
A weak rupee also made the dollar-denominated yellow metal expensive... "It's a totally dull scenario, there was activity last week on dips below $1,200 (an ounce)," said Pinakin Vyas, assistant vice-president, with IndusInd Bank, a gold importer.

"A dip below $1,200 could re-activate the market," said a dealer with a state-run bullion dealing bank.
Again, wholesale buyers are getting cagey before the two festivals coming up this summer.

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