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Gold prices rise ahead of festival season
By agencies
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Wednesday, 05 October 2005, 19:30 IST
NEW DELHI: Gold prices in India continued to rise on the bullion market today on sustained buying from stockists and retail customers for the festival season.
Traders were buying gold to meet the coming marriage season demand beginning from next week and discounted any reports of a weak trend in overseas markets.
Gold fell in London for the third trading session on speculation that hedge funds and other large speculators will sell their holdings in the metal.
Marketmen said any fall in the price in overseas markets, which normally set trend here, failed to influence the trading sentiment as buying by jewelers for the wedding season remained the supporting factor.
They said the merchants were discounting any weakening factor as the marriage season starting next week had enough potential to keep the market in better form.