Act of IMF revised its growth rate will slow down has hit the market very hard.
Currently, the market is waiting for a major financial stimulus package from the PBoC.
Demand for physical gold is expected to rise this month due to upcoming festive and marriage season.
Speculative interest in gold remained strong with the holdings of gold backed exchange traded funds rising to historic high on Monday. ETF holdings rose almost 6 percent over the past two months. While high prices have been putting a lid on physical demand, India's demand is Likely to prop up in the coming months due to upcoming festive and marriage season. Meanwhile, German Chancellor Merkel's visit to Greece this week will be the other crucial event Curiously investors watch out for getting a direction on bullion.
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