Indian Physical Gold Buying Slow But Back

According to a Reuters report webbed by the Economic Times, Indian traders have stepped back into the buying ring due to a slight fall in gold and rise in the rupee.

India gold eased a tad from its highest level in seven weeks on Wednesday weighed by a stronger rupee, leaving traders unenthused as they waited for bigger falls to stock up for the wedding season demand, dealers said.

"There are a few orders. I have priced in for 25 kgs below $1,400 (an ounce)," said a dealer with a state-run, bullion importing bank in Mumbai....

Traders and dealers said buying appetite could resurface if prices decline below the keenly-watched $1,400 an ounce level.

So, to a modest extent, upwards price acclimatization has set in. The bargain point is now $1,400.