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