Gold and silver fall amid India Diwali Holiday

Gold and silver fall amid India Diwali Holiday

Oct 22 2014 


The Gold dropped to trade around $1244 per ounce, after 2 sessions of gains against the U.S Dollar, the prices turned down on decreasing demand from jewelers and retailers in India. With the beginning of the Diwali festival , where investors , after taking profits from the Gold market, they turned to invest in equally markets , as the U.S stocks recovered after the release of positive data from the U.S economy.

On the other hand the silver prices also turned down on weak demand for precious metals to trade around $17.26 per ounce.
The precious metals were also affected by the release of better than expected inflation data in USA, as the U.S consumer prices index rose slightly during the month of September.

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