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Mar 22, 2012

Asia's physical market was muted

Asia's physical market was muted, with the narrow price range drying up interest from both buyers and sellers, traders said. The lackluster China data also fanned concerns about China's retail gold appetite.

"People are concerned about China's economic growth. If growth slows down and inflation eases, people may choose not to buy gold," said a Hong Kong-based gold dealer.

"We have been range bound for a while and people are looking at the possibility of breaking lower rather than higher."

Gold has been stuck in a range between roughly $1,635 to $1,670 over the past week.

In India, the world's largest gold consumer, jewelers were closed for a fifth day on Wednesday in protest against an import duty hike on bullion.

source: kitco

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