Tuesday, July 27, 2010

Indian Gold Buying Still Soft

According to a report by the Economic Times, gold buying remained subdued as traders still await lower prices.
"There are a few deals in between $1,180-1,185 (an ounce), but in all weak as it was yesterday," said a dealer with a state-run bank in Mumbai, which deals in bullion....

"Traders are waiting for a breakout on either side of $1,180-1,200, where I have advanced buy orders," said another dealer with a state-run bullion dealing bank.
The article also notes the rupee's strengthening, which has helped sentiment somewhat.

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