Bengaluru — Gold prices stayed firm on Wednesday as stronger physical demand for the precious metal, ahead of India’s late-October festival season, offset a firm US dollar. Demand for bullion is expected to pick up ahead of festivals such as Dhanteras and Diwali, which is a time when gold is traditionally given as a gift. "A recovery in physical demand provided the foundation for the rally that carried over into later trading," HSBC analyst James Steel said in a note. "Gold investors brushed aside the negative impact on bullion of a firmer USD." Spot gold was up about 0.1% at $1,275.04/oz by 4.45am GMT. In the previous session, it hit $1276.67, its highest since October 5. US gold futures settled up 0.16% at $1,275.7/oz. Flows into exchange-traded funds (ETFs) and pick-up in Asian demand were keeping the metal stable, said Dominic Schnider of UBS Wealth Management in Hong Kong. "Markets having already priced in the Fed’s interest rate hike move," Schnider added. "[Federal Reserve ch...
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