Friday, January 21, 2011

Indian Physical Gold Buying Ramps Up On Lower Prices

According to a Reuters report webbed by the Economic Times, traders' purchases of gold jumped up due to gold's plummet yesterday.
"I may have booked for 200 kgs of gold from yesterday at $1,346-1,349 (an ounce). They all want to take maximum advantage of falling prices," said a dealer with a state-run bullion dealing bank in Mumbai.

"There could be more demand if the rupee appreciates," said the dealer....

"Since yesterday evening, the market is very busy," said Pinakin Vyas, assistant vice-president with IndusInd Bank.
Resurging demand, when faced with limited supply, has drove bar premiums even higher.

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