Saturday, May 3, 2008

Gold prices harden

Gold prices hardened in India on Friday. This steadying of gold prices is attributed to healthy gains made by overseas markets who were capitalizing on the weaker dollar. With India's busy season of weddings and festivals coming to an end the demand for gold just isn't there. Gold prices are at a discount in the local markets. The rupee's reported weakening spiked gold prices a bit but the few inquiries generated by this have not converted over into orders. India is still the largest market in the world for buying gold so small gold buying will continue to take place. There are still wedding gold purchase being made in North India for wedding coming up next season. People are buying ahead to avoid paying higher gold prices next season.

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