Indian Wholesale Buyers Shy Away

According to a Reuters India report, Indian wholesale gold buyers have pulled back even as retail demand remains strong.

India's gold demand retreated on Wednesday afternoon after picking up in the previous several sessions as traders sought lower prices to stock for weddings and upcoming festivals, dealers said.

"Today buying is not much, yesterday interest was seen at $1,123-1,124 (an ounce)," said a dealer with a private bank in Mumbai, adding "there was good demand seen even last week."

The article notes that the bargain point has shifted upwards to $1,125.