"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.