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    India's Demand for Gold to Boost Prices Before Festival Season

    With the U.S. markets taking a break thanks to Hurricane Sandy along with the upcoming U.S. presidential election, it's been a quiet gold marketplace.

    On Wednesday, markets returned to action and December gold prices rose to a week high on the Comex of $1,720.40.

    But even without activity in the States, gold prices have a major catalyst from another part of the world: India.

    This year, India's demand for gold has been off as authorities blame the metal for the country's economic problems, higher gold import fees and a lower Indian rupee.

    But Indians don't stay away from gold for long - especially ahead of festival season.

    Festival season in India, which includes Diwali and Dhanteras, starts in November. Weddings will also take place during this period with gold jewelry included in dowries.

    With a "pent-up' demand for gold in India, it has the potential next year to hit new highs -- past $2,000 an ounce, reported Emirates 24/7.

    On Tuesday, trading in the December gold contract on the Multi Commodity Exchange (MCX) closed 0.01% higher to 31,097 rupees per 10 grams, after seeing a 30,968 rupee low--a level not seen since August, reported Reuters.


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