Indian Physical Gold Buying Still Muted

According to a Reuters report webbed by the Economic Times, Indian physical gold buying is still slow because traders are waiting for prices to fall.

"There is no appetite for gold at current prices, traders want prices to go down further," said a dealer with a state-run bullion dealing bank in Mumbai....

There are advanced orders in the range of $1,327-1,330 (an ounce)," said another dealer with a private bank.

If gold's latest run holds up, those traders won't get their filled. There may be some bend coming as a result.