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Gold Steady Just Below $1250 as Diwali Seen Spurring Purchases

Gold held near the highest in six weeks on signs of increasing demand in India, the biggest user after China, spurred by the Diwali festival and wedding season.

Bullion for immediate delivery added as much as 0.3 percent to $1,251.90 an ounce and was at $1,247.56 by 9:04 a.m. in Singapore, according to Bloomberg generic pricing. Prices climbed to $1,255.34 yesterday, the highest since Sept. 10.

Gold added 3.3 percent this month as equities fell after the International Monetary Fund cut its growth outlook and Federal Reserve policy makers said slowing foreign economies were a risk to U.S. expansion. Demand in India noticeably strengthened before Diwali after gold traded near this year’s lows in the month or so before the festival, UBS AG said.

Bloomberg [1]

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