Indian Physical Gold Traders Absent

According to a Reuters report webbed by the Economic Times, Indian gold traders are refraining from buying even though a stronger rupee made for a lower price.

"There are no much deals at current rate of $1,360 (an ounce)," said a dealer with a state-run, bullion-dealing bank in Mumbai....

Dealers said gold supply, which was facing difficulty with heavy snowing in refining areas and lower carry over stocks, had eased though premiums remained at an elevated levels of upto $3 an ounce over London prices .

"Premiums are still high at $2.5-3 (an ounce), though supplies are okay," said the dealer.

Things have basically come to a halt, in other words. It looks like stockists loaded up adequately late last month and are not pressured by shrinking inventories.