Thursday, July 29, 2010

Indian Gold Buying Still Active

According to a report by the Economic Times, buyers are still coming in to stock up for festival season at low prices; that buying pressure pushed up premiums for gold bars.
"We got good order fills at $1,159/1,160 (an ounce) yesterday, and the current levels are still attractive for local buyers," said a dealer with a private bank in Mumbai, which deals in bullion....

"We have plenty of advanced orders in the range of $1,150-1,157," said another dealer with a state-run bank. Premiums have moved up to $1.5 an ounce from 80 cents-$1 per ounce a few days earlier on a surge in demand from India, dealers said.
There has been some downward price acclimatization, as the present bid range is lower than it was; the knocked-out bids at $1,160-$1,175 have not been replaced. But, the rise in premiums does show an active market.

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