Gold demand seen falling to lowest level in seven years.
India’s gold demand could fall as much as 24 percent in 2016 to the lowest level in seven years due to higher prices and increased smuggling as the government seeks to bring transparency to bullions purchases , the World Gold Council(WGC) said.
Lower demand from the world’s no 2 gold consumers could hurt global spot prices that have risen a fifth so far in 2016, but help the South Asian country to reduce its trade deficit.
Further WGC said that smugglers were offering gold at heavy discounts during the third quarter and forced many refiners to scale down operations.
Crude oil prices steady ahead of US election, but weak China data weighs.
Oil prices were stable on Tuesday morning after posting strong gains the previous day when investors piled money into financial markets in expectation that Democrat Hillary Clinton would win the US presidential election.
US West Texas Intermediate (WTI) crude futures were down 6 cents at $44.83 per barrel at 0343 GMT. The contract gained almost 1.9 percent session. International Brent crude oil prices were up by 6 cents at $46.21 per barrel.