Gold holdings in India’s exchange-traded funds (ETFs) are encouraging but physical demand did not pick up on gold’s pull-back late last week. India’s gold demand continues to struggle because of a weak currency, with seasonal buying not due for another two months or so. A deeper pullback in gold prices is needed to offset rupee weakness and make prices attractive to locals, a move closer to $1,500 would do more to entice some buying. Global ETFs held their ground, and some investors even took the opportunity to pick up small amounts of cheaper metal. Net flows last week were positive at around 480,000 ounces.