Photo: Hemant Mishra/MintPhysical demand ahead of the festival season in India helped gold prices stay afloat on Thursday amid a firm dollar, while markets awaited more direction on a rate hike from the US Federal Reserve. Gold is expected to gain over the next few days on account of festival buying in India, the world’s second-largest consumer of the bullion. “Physical demand from Asia continues to underpin the market at present, with gold continuing to consolidate for the time being between $1,250-75,” MKS PAMP Group trader Sam Laughlin said. Spot gold was trading up 0.2% at $1,268.90 an ounce, while US gold futures were up about 0.2% at $1,269.60 per ounce. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 1.49% to 942.59 tonnes on Wednesday.

Source: Mint October 27, 2016 08:40 UTC