India Gold demand weakens ahead of Diwali on price rise

MTECHTIPS

India Gold demand weakens ahead of Diwali on price rise

India gold demand has weakened after a pickup in buying in the weeks preceding the key festival of Diwali as local prices have gained due to depreciation of Rupee.
India’s gold demand remains sensitive to local prices, according to Mtechtips Research.
“We remain positive on gold’s outlook but expect gains to be moderated in comparison to the run up in prices ahead of the QE3 announcement, which was boosted by the sharp acceleration in both short-term and long-term investment demand.”

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