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Festive-buying spurs Asian gold demand; Indian discounts narrow

The safe-haven bullion has shed about one per cent this week after hawkish comments from Federal Reserve Chair Janet Yellen

Reuters  |  Mumbai I Bengaluru 

  Asian physical gold demand improved slightly this week as a correction in prices prompted consumers to buy for the upcoming festival and wedding season, with discounts in India narrowing to the smallest in three months. The safe-haven bullion has shed about one per cent this week after hawkish comments from Federal Reserve Chair Janet Yellen last week left the door open to a US interest rate hike in September. Rate hikes increase the opportunity cost of holding non-yielding assets such as gold. "There is a slight pick up in demand, but it is still very light. ...

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First Published: Fri, September 02 2016. 14:40 IST
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