Wednesday, January 12, 2011

Indian Gold Buying Slows Down Due To Higher Prices

According to a report by the Economic Times, Indian stocking-up has pulled back as prices became a little too high for comfort.
"Yesterday we sold about 125 kgs at $1,374-1,379 (an ounce) after New York open, today they (traders) are still waiting for any further fall in gold prices," said a dealer with a state-run bullion importing bank....

"There a few advance orders at $1,370," said the state-run bank dealer.

Gold traders have been stocking up ahead of the harvest festival slated later in the week.

Given how gold has softened after an encouraging run-up earlier this morning, they may get their wish.

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