Indian Physical Gold Buying Fades Back On High Prices

According to a Reuters report webbed by the Economic Times, Indian traders and stockists have had their fill of buying and are now waiting for lower prices before stepping back in.

"There are no big deals today as the market is holding at higher level," said a dealer with the state-run bullion importing bank.

"They are waiting for levels of $1,511," said the dealer.

That's a fair bit below where gold is now. Evidently, they've decided to wait for a real pullback.