Indian Physical Gold Buyers Wait For Price Fall

According to a Reuters report webbed by the Economic Times, Indian traders are waiting for a decent fall in price before placing any orders.

"They want a bigger fall in prices, another 500-rupee fall could bring in buyers," said a dealer with a state-run bullion importing bank.

The rupee was stronger, making gold less expensive in local terms, but that fall wasn't enough. At current prices, a fall of 500 rupees is about 3%.