Thursday, August 5, 2010

Indian Gold Buying Muted For Second Day In A Row

According to a report by the Economic Times, Indian gold buying remained subdued again because of higher prices in U.S. terms amplified by a weakening rupee.
"There is nothing much today, even yesterday was equally bad," said a dealer with a state-run bullion dealing bank in Mumbai....

"Buying could be seen below $1,190 (an ounce)," said another dealer with a private bank.
Despite the dullness, some upwards price acclimatization is taking place. The trigger point mentioned by the second source used to be $1,180.

1 comment:

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