It is reported that Standard Bank said that gold getting a physical backstop due to festival demand from India. Bank says gold demand in India, the largest gold consuming market, is gaining momentum ahead of country's Diwali festival which falls on Oct. 17.
However, gold prices declined in Mumbai on the bullion market here today on emergency of selling by stockists at higher levels yesterday. At the same time, silver moved up on good industrial demand. Meanwhile in Tokyo, gold stayed above the USD 1,000 an ounce as the dollar remained pressured after last week's jobs data pushed the currency down broadly on concerns the US economy recovery may not be as robust as expected earlier.
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