Tuesday, March 15, 2011

Indian Physical Gold Buyers Await Further Falls

According to a Reuters report webbed by the Economic Times, there wasn't any buying to speak of in the Indian physical gold market despite the price retreat. Traders were waiting for even bigger falls before ponying up.
"There have been no deals despite a $10 fall in prices," said a dealer with a state-run, bullion-importing bank. "Most of the deals are below $1,410."
Adding to the reluctance was a fall in the rupee, which makes the metal more expensive for Indian buyers.

Needless to say, those holdouts have all-but gotten their wish. Despite a strong rebound, gold is still below $1,400 as of the time of this post.

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