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.