"They won't want to book deals now. Yesterday we booked for 150 kgs in between $1,387/1,416 (an ounce)," said a dealer with a state-run bank in Mumbai.The rupee was initially stronger, making the price lower for Indians, but the gains melted away later.
Wednesday, March 16, 2011
Indian Physical Gold Buyers Still Hesitant Despite Price Drop
According to a Reuters report webbed by the Economic Times, yesterday's plummet did encourage some gold buying by Indian traders but not a whole lot more. Expecting further declines, many of them shied away as gold recovered a little last night.