Indian Gold Buying Weak Yet Again

According to a report by the Economic Times, there was little buying in the Indian wholesale market because prices are still up. This near-dormancy may change if the rupee co-operates.

"It is very quiet... there were a few orders yesterday which got triggered at $1,205/1,210," said a dealer with a state-run bank in Mumbai, which deals in bullion....

"I have plenty of orders below $1,190," said another dealer with a private bullion dealing bank.

Also from India comes an estimate that says gold imports for 2010 will slightly exceed those for 2009. The Indian Bullion Market Association believes imports will be 500-500 tonnes this year; last year's were 480-490 tonnes.