In the weeks leading up to the Indian budget announcement gold traders delayed purchases anticipating a cut in gold imports duties.
But, reports the Wall Street Journal, with the import duty kept unchanged at 10%:
Now that the uncertainty over the tax has been eliminated, many traders expect demand for physical gold in India to pick up as buyers move forward with purchases that were postponed
The upcoming wedding season is also expected to add a bump to demand
More at the Journal article, which is gated:
India's Gold Buying to Pick Up After Budget
Purchases had slowed in hopes import duty would be reduced
