INDIA October 24 2013 6:06 PM
MUMBAI (Scrap Register): India gold prices bounced back to Rs. 32,000 per ten gram level ahead of Diwali and Dhanteras.
India celebrates Dhanteras on November 1st , the biggest gold buying festival, when buying is considered auspicious and the festival of Diwali or the festival of lights is on Nov. 3rd this year.
Indian gold prices advanced by Rs 480 to Rs 32,410 per ten gram level in the national capital on Thursday, a level last seen on September 4th this year.
The world's biggest bullion consumer India's yellow metal prices advanced mainly due to rising domestic demand and a firming global trend.
According to the trader, increased buying of gold by stockists and jewellers to meet the rising festive and marriage season demand, amid firming global trend, influenced the sentiment.
While gold gained in domestic markets for the coming Diwali festival demand, a rising trend in global markets as the dollar fell against the euro, boosting demand for precious metals as an alternative investment, remained positive factors for the market.