Higher prices curb demand for gold, but festive season may spur fresh buying
Reuters - Aug 05, 2016
Physical gold sales remained sluggish in Asia this week as higher prices kept buyers at bay, but appetite for the precious metal is expected to pick up with upcoming festive seasons in top markets India and China.
Bullion has risen nearly 1 percent this week on expectations that the U.S. Federal Reserve will keep its cautious stance towards interest rates in the wake of global economic concerns.
Gold, often perceived as a hedge against financial uncertainties, has risen about 28 percent this year and is on track for its biggest annual gain since 2010.
