Spot gold lost half a percent to trade at $1,760 on Thursday
Spot gold lost half a percent to trade at $1,760 on Thursday,
although prices gained nearly 3 percent so far this month and pierced
through $1,800 earlier this week -- a level unseen since late September.ealers reported a mix of light buying and selling, and said many
buyers were waiting for further price dips to enter the market.
"People are hoping to see a correction to $1,700 after the recent rally so that they can buy more," said a Hong Kong-based bullion dealer. "They are still interested in holding gold as a safe haven."
Buying from India, the world's largest gold consumer, eased after the key gold-buying festivals in the last week of October, but the ongoing wedding season is likely to support gold demand.The weak Indian currency helped push rupee-priced gold to its record high on Wednesday, depressing gold purchases, as dollar-priced bullion was 8 percent lower than its all-time high above $1,920.
"People are hoping to see a correction to $1,700 after the recent rally so that they can buy more," said a Hong Kong-based bullion dealer. "They are still interested in holding gold as a safe haven."
Buying from India, the world's largest gold consumer, eased after the key gold-buying festivals in the last week of October, but the ongoing wedding season is likely to support gold demand.The weak Indian currency helped push rupee-priced gold to its record high on Wednesday, depressing gold purchases, as dollar-priced bullion was 8 percent lower than its all-time high above $1,920.
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