Gold at 5-week high as India demand supports
ecPulse
2014-10-21 10:00AM UTC
Gold prices rose to the highest level in five weeks on Tuesday amid the seasonal physical demand from India and the lack of pressure by the U.S. dollar. Renewed physical buying is related to the improved levels of demand for gold in India - the world`s second-largest consumer. The wedding season is about to start, in addition to Diwali Hindu festival, which usually boosts prices at this time of the year. This season, which starts November and extends to December, is a peak consumption period for gold jewelry. Meanwhile, investors turned their focus to the U.S. data due to be released today, which could give further indications on the strength of the U.S. economy and the future of the Federal Reserve`s monitory policy. Thus, gold is expected to maintain its strength amid doubts of weak global economic growth, as traders seek the metal as a safe haven in the face of market volatility.
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