A drop in local MCX gold rate to a three-week low prompted a wave of buying in India on Monday, while an upcoming week long holiday in China has generated some physical mcx gold buying interest. More information about gold tips for today visit my site mcx-trade-tips.blogspot.com

MCX Gold demand traditionally rises in the last quarter of the year in India and China, the world's top two mcx gold consumers, as consumers buy gold for festival celebrations and weddings that typically take place during this season.

India's benchmark MCX gold rate dropped to a two-week low of Rs 31,281 per 10 grams, as the Indian currency continued to rally and climbed to a 4-1/2-month high.

Indian is getting ready towards the event and wedding season, which will optimum at the Hindu event of lighting in Nov. Gold is an extremely important part of dowry and gifts provided during the event parties.

The extended Nationwide Day holiday at the beginning of Oct in Chinese suppliers, usually noticeable by active jewelry store business, assisted produce some purchasing in Hong Kong, while in Singapore there was a mix of light dealing, traders said.

Spot MCX gold lost half a percent to USD 1,762.7 an ounce by 0749 GMT, easing from USD 1,787.20 hit in the previous session and marking the highest level in nearly seven months.

Political doubt before a authority change in Chinese suppliers next month included to the unwillingness of customers to spend generously on jewelry. They have already become less prepared to buy high-class products as economic development showed up to be reducing, he included.

China's MCX gold jewellery demand in the first half of the year increased slightly from a year earlier to 250.4 tonnes, though second-quarter demand dropped 9 percent on the year, according to the World MCX Gold Council.

MCX Gold bar premiums in Hong Kong were steady, quoted in a range of 40 cents to USD 1 above London prices. In Singapore, premiums were little changed at 20 to 40 cents, dealers said.

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