Tuesday, April 19, 2011

Indian Physical Gold Demand Picks Up After Price Decline

According to a report by Reuters India, wholesale demand picked up in anticipation of the Akshaya Tritiya festival next month and a decline in the price of gold.
"I booked for around 70-80 kgs from morning. We have booking deals, a small retracement from high has resulted in buying," said a dealer with a state-run bank in Mumbai.

"People are ready to buy below $1,490 (an ounce)."

Evidently, price acclimazation has set in. More traders will buy even on a modest dip.

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