Gold Holds Near 3-Week High as India Seen Buying Before Festival
- Indian consumers typically purchase gold for Diwali festival
- Gold priced in Indian rupees down about 8 percent since July
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Gold held near a three-week high on speculation the Diwali festival in India, the world’s second-largest bullion buyer, will boost demand.
While physical purchases in India have been weak this year, buying may pick up before the festival of lights on Sunday and the wedding season. Prices have also become more attractive, tumbling about 8 percent in rupees from a July high. Dhanteras, which takes place on Oct. 28, is seen as the most auspicious day in the year to buy gold in Hindu tradition.