India Eyeing Gold Price for Drops on Lower Rupee
India Gold Buyers put off by Low Rupee & Fear Falling Prices
4th February 2010 - Gold News
It was once again a very dull day regarding Gold in India as there was a significant raise in gold markets value and traders were eagerly awaiting the price to get down to levels they were comfotable buying in at, also the weaker rupee didnt help matters.
Only certain transactions prevailed regarding Gold today and the traders were expecting the Gold rates to fall below $1,100 an ounce. Moreover International Gold, large company which guides the domestic market, was trading $1,105.75/1,106.55 an ounce as against 1,108.85/1,109.65 an ounce in the previous Gold Market session. Since the gold market is around the same level near to $1,075 mark the traders are expecting the price to remain fairly flat for at least a few more days. The weaker rupee value made the Gold metal too expensive to encourage volume trades in India.
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