Thursday, February 3, 2011

Indian Physical Gold Demand Recovers Somewhat

According to a Reuters report webbed by the Economic Times, Indian physical gold buying picked up because of lower prices.
"Buying is moderate today. I booked 65 kgs at $1,329-1,334 (an ounce)," said a dealer with a state-run bullion dealing bank in Mumbai....

Dealers said gold premiums were still on the higher side, due to limited supplies.

"Premiums are above $2 (an ounce). We are getting supplies with a lag of 10 days," said the dealer.

The wedding season hasn't arrived quite yet, so there may still be some stockist demand for it.

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