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Industry News
India NewsIndia stocks up as wedding season starts rupee helpsIndian jewellers are stocking up as the wedding season kicks in in the world's largest gold consumer, but higher bullion prices have ignited selling in other parts of Asia, dealers said on Wednesday.Premiums for gold bars stood at 70 to 80 cents an ounce to the spot London prices in Singapore, steady from two weeks ago, as purchases from India helped defy profit taking from holders in Indonesia and Thailand. Gold rose $3.40 to $1,136.60, within sight of Tuesday's 1-month high on safe-haven buying driven by renewed concerns about debt-ridden Greece. Gold was less than 1 percent below a 6-1/2-week high near $1,150 hit in early March."Buying interest from India is still there although it's a bit slow today because the gold price is moving higher. We've seen some buying because of a strong rupee," said a dealer in Singapore."The Indonesians are selling while Thailand is a bit neutral at this time," he added.
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