Indian Physical Gold Buying Still Slack

According to a Reuters India report, last night's decline in the gold price didn't induce much buying from Indian traders.

"We have been able to sell very small quantity, I covered for 45 kgs at $1,426-1,428 (an ounce)," said a dealer with a state-run, bullion-importing bank in Mumbai.

The rupee edged up, making the metal a little cheaper in Indian funds, but buying still remained light.