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Gold firm on strong festive demand in India

Posted on 27 October 2016

Gold prices stayed firm on Wednesday as stronger physical demand for the precious metal, ahead of India’s late-October festival season, offset a steady U.S. dollar. Demand for bullion is expected to pick up ahead of festivals such as Dhanteras and Diwali, which is also a time when gold is traditionally given as a gift.
“A recovery in physical demand provided the foundation for the rally that carried over into later trading,” HSBC analyst James Steel said in a note. “Gold investors brushed aside the negative impact on bullion of a firmer USD.”…………………………………Full Article: Source


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