Monday, 6th November 2006 (4740 views)

Gold prices in Asia continue to rise with an increase reported for the tenth consecutive day on November 6th, the longest succession of rises for around 20 years.

The rise can - for the large part - be attributed to the growing demand from jewellers in the continent in the build up to both Christmas and the wedding season in India.

Gold for immediate delivery was trading at $628.50 (£331) per ounce at 10.55 local time in Mumbai and it reached a peak of $629.90 (£332) an ounce, which is the highest gold has been since September 7th this year.

"Gold seems to be trading by itself, on good physical demand,' remarked Jonathan Barratt, managing director at Commodity Broking Services, when speaking to Bloomberg.

The wedding season in India traditionally impacts on gold prices as demand for it grows for gift purposes. Some banks in India now offer 24-carat gold coins to customers wishing to make a gift of gold.

Gold prices in Mumbai for December delivery stood at $635 (£335) an ounce at 10:32 a.m local time.

 

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