Indian Physical Gold Demand Weak For Third Day In A Row

According to a Reuters report webbed by the Economic Times, Indian demand was again weak because buyers are waiting for a decline that hasn't come.

"For the past few days demand is very weak. Jewellers are not interested in buying at current level," said a Mumbai-based dealer with a state-run bank dealing in bullion.

"We can see improvement in demand if prices fall to $1,480 per ounce or if prices rise above $1,540. Sharp rise in prices will prompt panic-buying."

The rupee kept falling, which added to the disinclination to buy (outside of any buying panic.)