Precious Metal
11/1/2013, 2:43:52 PM
Gold purchases in India, the biggest consumer, will probably be less in the festival season this year as import curbs reduce supplies and demand cools after surging in April when prices slumped into bear market.
Sales of coins and bars may decline to as little as 25 percent of purchases a year earlier, according to the All India Gems & Jewellery Trade Federation. Buying and gifting gold in the country is considered auspicious and the most favorable time is today, the festival of Dhanteras, two days before Diwali.
Bullion for immediate delivery gained as much as 0.3 percent to $1,326.80 an ounce, and traded at $1,326.25 at 9:06 a.m. in Singapore. Prices that fell 1.6 percent yesterday, the most since Oct. 1, are down 1.8 percent this week on speculation the Federal Reserve will pare stimulus sooner than expected.
Spot silver added 0.3 percent to $21.9785 an ounce after slumping 3.7 percent yesterday. The metal is still heading for a weekly loss. Platinum rose 0.3 percent to $1,453.43 an ounce and is little changed this week. Palladium climbed 0.3 percent to $739.40 an ounce.
11/1/2013, 2:43:52 PM
Gold purchases in India, the biggest consumer, will probably be less in the festival season this year as import curbs reduce supplies and demand cools after surging in April when prices slumped into bear market.
Sales of coins and bars may decline to as little as 25 percent of purchases a year earlier, according to the All India Gems & Jewellery Trade Federation. Buying and gifting gold in the country is considered auspicious and the most favorable time is today, the festival of Dhanteras, two days before Diwali.
Bullion for immediate delivery gained as much as 0.3 percent to $1,326.80 an ounce, and traded at $1,326.25 at 9:06 a.m. in Singapore. Prices that fell 1.6 percent yesterday, the most since Oct. 1, are down 1.8 percent this week on speculation the Federal Reserve will pare stimulus sooner than expected.
Spot silver added 0.3 percent to $21.9785 an ounce after slumping 3.7 percent yesterday. The metal is still heading for a weekly loss. Platinum rose 0.3 percent to $1,453.43 an ounce and is little changed this week. Palladium climbed 0.3 percent to $739.40 an ounce.
