Capital Gold Group Report: Huge Demand for India Gold -- Investors Buying in the Dips
Thursday July 24 2008 15:32 IST
"There is a huge demand... in the last couple of days alone 10 tonnes may have been sold all over
Foreign gold, that guides the local market, rebounded from a two-week low on bargain hunting as crude oil stabilized after steep drops from its all-time highs this month.
Gold generally tracks crude oil as the latter signals inflation, while the metal negates it.
Investors, women and jewellers were thronging Zaveri Bazaar to buy gold, said Jitendra Kantilal of Jugraj Kantilal & Co, a prominent trader in Mumbai's Zaveri Bazaar.
"They are buying coins and bars... mostly 100 gram bars for investment," said Kantilal.
But consumers haven't given up hopes of more dips, said D.P. Naresh, a wholesaler in
"There is a lot of appetite for prices at lower levels," said Naresh. "At $915 an ounce, there would be huge interest."
Capital Gold Group, gold group, gold, gold bars, gold bull market, gold prices, gold news, gold coins, gold bullion, India gold demand, silver, The Capital Gold Group
