2009-10-06

Gold consuming market, is gaining momentum ahead of the India Diwali festival

















Friday’s bearish US non-farm payrolls data saw gold fall from USD997 to USD986 in early New York trade before recovering to USD1,007 in late afternoon trade as the dollar weakened from USD1.4521 to USD1.4631 against the euro. Continued US dollar weakness against the euro this morning helped gold find decent support at USD1,000 in Asian trade before the metal pushed on up to USD1,007 in European trade.

Of note, Physical gold demand in India, the largest gold consuming market, is gaining momentum ahead of the country’s Diwali festival. The gold price in India is trading at a premium to London spot prices—highlighting increased Indian demand. This may continue to lend background support to prices. On the investment side, gold has benefited from a 1.22 metric tonne increase in the SPDR Gold Trust ETF’s investment holdings on Friday.

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