Thursday, March 17, 2011

Indian Physical Gold Traders Still Reluctant To Buy

According to a Reuters report webbed by the Economic Times, there wasn't much buying by traders because the price wasn't right yet. A weakened rupee contributed to the reluctance.
"The weak rupee is keeping traders at bay. I have advanced orders at $1,384 an ounce," said a dealer with a state-run bullion importing bank.
The rupee weakened as a result of Indian stocks declining, due to the tsunami and nuclear crisis.

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