Indian Diwali Holiday Drives Gold Sales

Gold prices are far off their soaring levels from two years ago, but investors can at least count on one factor supporting prices this year—a stronger appetite for the precious metal in India.

Renewed optimism in India’s economy has encouraged more buyers there to buy gold during Diwali, a five-day festival of lights whose celebration peaks on Thursday.

The Indian economy “is better this year, which means there is more money around to spend,” said Matthew Turner, precious metals analyst at investment banking firm Macquarie.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.