Indian Physical Gold Demand Still Weak As Wedding Season Nears End

According to a Reuters report webbed by the Economic Times, demand was weak as the wedding season comes to a close.

"This week demand remained on lower side compared to last week. Wedding season purchases are almost over. It is unlikely we can see any kind of improvement next week," said a Mumbai-based dealer with a private bank dealing in bullion.

"If prices fall significantly, say up to 21,000 rupees [per 10 grams], then only we can see a rise in buying interest," the dealer said.

At current rupee prices, 21,000 rupees per 10 g means $1,452/oz. Meeting that target would entail quite a drop.