Gold at its highest in 5 weeks supported by Indian demand
ecPulse
2014-10-21 10:00AM UTC
Gold prices rose to a 5-week high on Tuesday, amid the seasonal physical demand from India – world’s second largest gold consumer - along with the absence of pressure from the U.S. dollar. Renewed physical demand is related to the improved levels of demand for gold in India as the wedding season is about to start, in addition to Diwali Hindu festival, which will give the prices a boost to the upside. The wedding season in India is a peak consumption period for gold jewelry that starts November and extends to December. Meanwhile, investors turned their focus to the U.S. data to be released today, which could give further indications on the U.S. economy strength and the future of the Feds monitory policy. Thus, gold is expected to maintain its strength amid doubts of weak global economic growth, noting that gold is safe haven for investors in the face of market volatility.
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