Indian Physical Gold Demand Picks Up After Price Fall
According to a Reuters report webbed by the Economic Times, last night's tumble induced more buying as traders took the opportunity to stock up for the Akshaya Tritiya festival this Friday at bargain prices.
"There are good deals at current levels. I must have sold 200 kgs at $1,550 (an ounce)," said a dealer with a state-run bank in Mumbai, adding "gold will come to $1,544."
The rupee weakened, which cut into the bargain for local buyers.