Physical Buying Slows Down In Asia

According to a Reuters report webbed by the Economic Times, gold buying in Asia pulled back.

"Physical buying has started to slow down, after prices have gone up a bit," said a Singapore-based dealer, adding there were also some profit-taking trades.

"There is not much fresh buying, as people are not keen for delivery after the Lunar New Year."

So, yesterday's exitement did not translate into strengthened buying. The second paragraph of the excerpt indicates that some of the recent buying strength was due to seasonal factors - specifically, stocking up for sales in the Chinese New Year festival.