Indian Physical Gold Buying Edging Up

According to a Reuters report webbed by the Economic Times, Indian traders are back to buying gold again - although not in great amounts.

"Yesterday evening sales were good at $1,410-1,415 (an ounce). The deals are smaller now," said a dealer with a state-run, bullion-dealing bank.

"If gold goes below around $1,385, we could see heavy buying," said the dealer.

A stronger rupee helped lower prices for Indians. Despite the wedding season being underway, wholesale gold buying has been fairly light. Evidently, stockists are drawing down their stocks to meet demand from retailers.