"There are deals because of a strong rupee. I covered for 125 kgs at $1,385/1,386 (an ounce)," said a dealer with a state-run bank in Mumbai....The article also mentions the likelihood of import duty being increased by the Indian government, which should accelerate gold importing before the new tax rates take effect.
The rupee, which steadied at a one-month peak, kept the upside in prices restricted.
Winter harvesting season is underway in India and is expected to leave more disposable income with rural households, which contribute significantly to gold demand. Marriage season has also started and will last through May.
Friday, February 18, 2011
Indian Physical Gold Buyers Ponying Up
According to a Reuters report webbed by the Economic Times, Indian gold buyers are coming back due to a strong rupee and the need to stock up for the wedding season:
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment