India Gold ETF holdings encouraging, but demand still weak: UBS


26/06/2012 11:17 AST  Commodityonline
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Gold holdings in India’s exchange-traded funds (ETFs) are encouraging but physical demand did not pick up on gold’s pull-back late last week.

According to Union Bank of Switzerland (UBS), India’s gold demand continues to struggle because of a weak currency, with seasonal buying not due for another two months or so.

“A deeper pullback in gold prices is needed to offset rupee weakness and make prices attractive to locals--a move closer to $1,500 would do more to entice some buying,” said UBS in a commodities briefing.

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