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Asia Gold-India discounts drop to 5-month low as buying resumes

From uk.reuters.com

Gold buying in India picked up this week as a correction in prices revived demand in world’s second biggest consumer, narrowing discounts to the lowest level in five months, while buying interest was tepid in other Asian centres. “After Diwali, jewellers were not buying. As prices have corrected, they have resumed purchases,” said Harshad Ajmera, a gold wholesaler in Kolkata. Indians celebrated the Dhanteras and Diwali festivals last month, when demand for the yellow metal peaks as buying gold is considered auspicious. Gold futures were trading around 37,760 rupees per 10 grams on Friday after falling to 37,520 ... (full story)

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  • Category: Fundamental Analysis