India gold price lull

Gold prices have softened in India. This has been driven by global cues of weaker crude prices, some stabilization is USD and falling global stock markets - all of which has led to some amount of profit booking in global markets. In India, end of the Diwali season has also seen a drop in demand for physical gold, though some traders believe that customers would be back after Labh Pacham which falls this Wednesday.

Traders and jewellers also expect that customers may trade in their old gold jewelry for new ones to limit impact of the recent high prices.