Gold demand in India fairly subdued at present

The gold price remains largely unchanged at below $1,170 per troy ounce and just shy of €1,060 per troy ounce as trading begins this morning. The European Central Bank is keeping its emergency liquidity assistance (ELA) for Greek banks in place and is thereby averting a collapse of the country's banking system. 

Gold demand in India appears fairly subdued at the moment - according to Indian traders, gold prices there are meanwhile $8-15 per troy ounce lower than the world market price in London. In mid-June, the difference was only $1. The All India Gems & Jewellery Trade Federation expects demand to remain weak for the entire month and only to pick up again from August, says Commerzbank.