Wednesday, February 2, 2011

Indian Physical Gold Demand Diminishes As Traders Await Bargains

According to a Reuters report webbed by the Economic Times, traders aren't willing to book purchases because they're waiting for better prices.
"Not many deals have happened, as the market is range-bound from morning," said a dealer with a state-run bullion importing bank....

According to him, the comfortable level for deals to happen is $1,320 an ounce.

They may get their wish if the recovery trade eats away at the price, but there's no sign so far that it will.

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