Thursday, March 10, 2011

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.

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