Indian Physical Gold Buyers Still Largely Absent

According to a Reuters report webbed by the Economic Times, Indian traders have not bought much gold because the prices are not yet right.

"There were a very few deals at $1,429.50/1,431 (an ounce)," said a dealer with a state-run bullion importing bank in Mumbai.

"If prices come below $1,424 we could see buying," said the dealer.

The rupee's weakening adds to the reluctance.