Gold demand rose on Wednesday on strong retail buying in the marriage season, dealers said.
“People who have deferred their buying earlier, now think prices have almost stabilized and not going to fall further,” said Rahul Gupta of Delhi-based PP Jewellers. The December contract on MCX has been trading in a range of INR 11,500-11,700 ($233,6-$237.7) so far in November.
Demand is likely to improve further in coming days due to the ongoing wedding season if prices remain at the present level, said a dealer with a large private bank. The wedding season, which started this month, will continue till early 2009. (Reuters)