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Gold dealers in India are reported to be waiting for a fall in gold prices before returning to strong investment in the metal.
Reuters claims that Indian gold investors have refrained from further investment as gold prices approached record levels, with one dealer suggesting that if prices continue to rise, investment will not be forthcoming.
"The demand is quite dull as prices are going up ... it will remain like this if prices won't come down," the dealer, from a large bank, told Reuters.
Adding to the pressures for Indian investors is the performance of the rupee, which is currently nearing a six-month low.
A fall in local stocks could lead to the disappearance of foreign investment through a move to "repatriate funds".
Callum Henderson, Singapore-based head of global currency strategy at Standard Chartered, told Bloomberg that foreign investors have been selling Indian equities, forcing the rupee to fall.
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