Thursday, January 13, 2011

Indian Gold Buying Goes Dormant

According to a report by the Economic Times, Indian gold buying for harvest-festival reasons has gone flat.
"Today, demand is poor, yesterday though there were a few deals at $1,380 (an ounce) keeping in mind Lohri celebrations in the north," said a dealer with a state-run bullion importing bank in Mumbai.
The supply shortage continues, though.
"We are unable to get supplies, so premiums have moved up on week to $1.40/1.80 (an ounce)," said another official with a state-run bullion dealing Mumbai-based bank.

"There was a huge pent-up demand from December, and again traders are generally keen to stock in the new year, but there has been a temporary supply shortage and we hope that it would get solved by next week," said a senior official with a foreign bank, which supplies precious metals to India.

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