Monday, April 18, 2011

Indian Physical Gold Demand Wilts As Prices Hit Record

Although the festival of Akshaya Tritiya is coming up next month, during which a lot of gold is bought, Indian physical gold buyers at the wholesale level are noticeably reluctant to buy at current prices.
"Who'll buy at these record levels? There could be some correction. Traders are waiting for this," said a dealer with a state-run bullion dealing bank in Mumbai...

"There are some orders for Akshaya Tritiya at $1,481/1,483," said the dealer.
A stronger rupee kept a lid on prices in rupee terms.

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