Indian Physical Gold Buying Fades Away Due To Higher Prices

According to a Reuters report webbed by the Economic Times, traders pulled away from buying after seeing the gold price rise.

"Traders want lower prices, a fall below 20,500 rupees could be of help," said a dealer with a state-run bullion importing bank.

That price is about 1% below where gold was trading at in rupee terms at the time the article was written. A stronger rupee helped staunch the increase.