"On Monday we saw good sales, but by yesterday evening it turned dull... but today only exporters are covering fearing that prices may move higher," said a dealer with a state-run bank in Mumbai, which deals in bullion.Also adding to the weakening demand was a weakening rupee.
"However, there are no domestic deals...," said the dealer....
"They would buy if prices come to $1,180 (an ounce)," said another dealer with a private bank.
Wednesday, August 4, 2010
Indian Gold Buying Forestalled By Higher Prices
According to a report by the Economic Times, gold buying retreated because prices have passed above the bargain zone.