There is some buying happening even in this kind of a market. Gold prices are trading at one-week highs in the international market. If you look at the Indian markets, the prices are trading around all-time highs there; Rs 16,248 per ounce is an all-time high for gold prices in the Indian market. Lots of bullish fundamentals are coming through across here. The US dollar has been keeping a low profile, just holding around 76.10.

Apart from that, reports tell us that the Reserve Bank of India or RBI has bought nearly 200 tonnes of gold from IMF. About half of the 403.3 tonne that the IMF wants to sell has come to India. Buying has been seen at around USD 1,045 per ounce. So, it is pretty much on the higher side of the range there. The major miners like AngloGold Ashanti, Barrick are buying back the gold that they had hedged. So, there is a lot of de-hedging happening on thoughts that prices are going to go higher even from hereon.