Monday, March 28, 2011

Indian Physical Gold Buying Tepid

According to a Reuters report webbed by the Economic Times, gold buying by traders is picking up but not by any great amount.
"Traders priced in for 45 kg of gold from the morning, but no one is rushing in to buy," said a dealer with a state-run, bullion-importing bank in Mumbai. "There is a strong support at $1,414 (an ounce), which traders are eyeing," said the dealer.
Buying wasn't helped by a weakening rupee, which eased back after several days of gains.

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