Indian Physical Gold Buying Slow For Another Day

According to a Reuters report webbed by the Economic Times, gold's lack of decline deterred physical buyers from getting back into the market.

"I just booked for 3-4 deals from morning, there would be a lack of activity unless the market breaks the upside or downside," said a dealer with a state-run, bullion-dealing bank.

In other words, buyers aren't convinced that the recent gains are the start of a trend upwards. To them, it looks like gold is near the top of a range that will offer a lower price later.