Indian Wholesale Buyers Hold Off Again

Part of the reason why, according to a Reuters India report, is an expectation that prices will fall further. Another reason, though, has to do with a relatively small wedding season:

"Prices are coming down smoothly. Traders are waiting till next week before buying ... the marriage season this time around is not big so they can also use their old stock for business," said a dealer [from a] private bank, which deals in bullion.

Traders are expected to stock up for the upcoming wedding season in April.

The hold-off is also because of last Friday's rate hike by the Central Bank of India, which caught the market off-guard.