Indian Gold Demand Drains Away

Evidently, gold prices haven't sunk to where Indian gold dealers would consider gold to be at bargain levels (as yet, anyway.) After a spate of deals last session, the Indian gold market was quiet.

"I struck deals at around $1,110-1,112 (an ounce) yesterday (Tuesday) evening, but now there are a few stray deals," said Pinakin Vyas, assistant vice-president, treasury with IndusInd Bank in Mumbai.

The Indian rupee has backtracked a little, making a price below $1,110 attractive now.