TI:Gold prices near one-month low ahead of festivals
SINGAPORE: Gold importers in India rushed to stock up materials ahead of key festivals after prices of the precious metal dropped to the lowest level in nearly a month, while buying in the rest of Asia was sluggish.
India's benchmark gold on the Multi Commodity Exchange fell as low as 30,812 rupees per 10 grams, thanks to the rupee hitting a two-week high against the dollar, traders said.
India, the world's top gold consumer, is approaching the height of its festival season, which peaks with the Diwali and Dhanteras festivals later this month. Gold is a key part of gifts and is used for dowries at weddings, which are popular at this time of year.
