Market Update

Market Watch

Thursday, 24 October 2013

Today's Gold Market News in India

Gold was little changed after its biggest loss in more than a week as investors weighed the outlook for the Federal Reserve’s stimulus measures before a government report today that may show about jobless claims decreased.

Gold edged up on Thursday after tracking oil lower in the previous session, hovering near a four-week high. Gold added $3.32 an ounce to $1,335.06 by 0331 GMT.

Gold futures fell on signs of slowing purchases of bars and jewelry in China, the world’s second-biggest consumer, while the dollar’s rebound eroded demand for the metal as an alternative investment.

A shortage of gold triggered by the government's move to curb imports and control a rising trade deficit has sent premiums in India to more than $100 an ounce over London prices this month. Gold is an integral part of Indian culture, given as a dowry for marriages, which tend to be timed around auspicious days that are often religious festivals. 

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