Gold Continues To Gain Ground As Demand Rises

Business

oi-Sunil Fernandes

Gold prices moved higher ahead of the festive season, as reports of better than expected demand.

By Sunil Fernandes

Published: Wednesday, October 26, 2016, 13:19 [IST]

Gold prices continued to gain ground in the Indian markets after reports that demand was rising in India, following the festive season.

Spot gold prices in the international markets was trading at $1274 an ounce, which was also a three-week high.

Gold is considered an auspicious purchase during the time of the festive season of Diwali. In the domestic markets gold edged higher at Rs 29,500 per 10 grams in the city of Mumbai.

In the futures market too gold for November delivery was trading at Rs 29,650 per 10 grams. Check gold rates in the Indian cities here

Jewellers in the Mumbai city feel that gold could rally in the next few days, as demand rises. Already, gold prices this year are much higher, as compared to the last year, during the festive season.

In fact, the precious metal may rally even further, if the US Federal Reserve does not cut interest rates going forward.

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