Gold Futures Gain as Indian Festival Seen Supportive for Demand
- Buyers returning ‘little by little’ in India, RBC’s Gero says
- Gold futures advance for the second time in three sessions
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Gold futures gained a second time in three sessions on speculation that demand will accelerate before the Diwali religious festival in India, the world’s second-biggest buyer of the metal.
The coming festival season, when buying gold is popular, has given jewelers in the country a glimmer of hope after prices slipped amid faltering demand. Also supporting prices Tuesday was a report from Goldman Sachs Group Inc. flagging the potential for higher bullion demand in China, the world’s largest buyer, should the yuan extend declines.