Gold price trades near six week high as Diwali increases physical buying
Adam Pike, News Editor
22 Oct 2014, 10:20 a.m.
The gold price is trading near a six week high as traders anticipate increased physical buying a head of the Diwali and the Indian wedding season.
Analysts are forecasting physical demand in India will remain strong a head of this week’s Diwali celebrations. Diwali is the festival of light and is an auspicious time for Indians to buy gold. Research group CMP estimates that 20% of all gold bought in India are purchased prior or during Diwali.
Gold imports into India have surged to 95 tonnes in September up from 20 tonnes in September 2013.
Gold is currently trading at £778.47 per ounce, silver £10.85 per ounce, platinum £784.76 per ounce and palladium £481.80 per ounce.