Bengaluru — Physical demand ahead of the festival season in India kept gold prices steady on Thursday amid a firm dollar, while markets awaited more direction on a rate hike from the US Federal Reserve. Bullion is expected to gain over the next few days on account of festival buying in India, the world’s second-largest consumer of gold. The metal is traditionally given as a gift during festivals such as Dhanteras and Diwali."Investors look to India for signs of increasing physical demand," analysts at Australia’s ANZ bank said in a note on Thursday. Spot gold was down 0.1% to $1,265.74/oz by 4.08am GMT.US gold futures were little changed at $1,266.30/oz."While the Indian physical buying is supporting prices, the liquidation of longs last week has put some break on the upside movement and gold prices will stay within $1,260-$1,280 range for the time being," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. "The dollar is a bit stronger and there is no sign of g...
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