Monday, February 7, 2011

Indian Physical Gold Traders Still Holding Back

According to a Reuters report webbed by the Economic Times, Indian buyers are still holding back awaiting price falls.
"Buying is slow today, I just booked for 40 kgs from morning. I have a lot of orders in between $1,325-1,330 (an ounce)," said a dealer with a state-run bank in Mumbai....

Dealers said supply constraints remained, but expect normal flows in coming weeks.

"Supplies are slowly getting back to normal, we could see easy flow of supplies in few weeks," said the dealer.

Excessive snow in refining areas and lower carry forward stock from last year has been affecting supplies of the yellow metal.

Who woulda thought that the supply shortage was exacerbated by snow delays...

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