Indian Gold Buying Strong Again

According to a report by the Economic Times, bargain-hunting in the Indian gold market is continuing.

"Still there is buying, I must have done about 300 kgs since yesterday evening at about $1,210 an ounce level," said a dealer with a state-run bank in Mumbai....

"There could be more buying if the rupee strengthens a bit from here," said another dealer with a private bank in Mumbai.

Although bargain hunting played its part, one of the reasons for the increased buying is another festival coming up next month. The two put together explain the upsurge in volume.