Thursday, January 27, 2011

Indian Gold Buying Diminishes Due To Earlier Price Rise

According to a Reuters report webbed by Moneycontrol, Indian physical gold buying has diminished due to last night's higher prices.
"There is not much business today as prices have gone up," said a dealer with a state-run bullion importing bank in Mumbai.

Gold traders have been stocking up on the yellow metal taking advantage of the two-month trough since November, anticipating an improvement in demand during the wedding season next month.

"There are advanced orders at USD 1,320 (an ounce)," said the dealer.
So, the recovery did not lead to any enthusiasm in the Indian markets. Downward price acclimatization has set in, which prefaced the morning drop in gold.

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