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Gold today retreated from the highest in almost six weeks on speculation physical buying will slow and as investors weighed a stronger dollar.
Gold fell by 0.1 per cent to $1,247.08 an ounce and silver by 0.8 per cent to $17.38 an ounce.
Bullion reached $1,255.34 an ounce yesterday, the highest since September 10.
The Dollar Spot Index, a measure against 10 major currencies, reached a one—week high today.
Meanwhile, demand in India, the second—biggest gold buyer, noticeably strengthened before the Diwali festival and after gold fell to this year’s lows several weeks before the celebration, UBS AG said.
Diwali, the festival of lights celebrated tomorrow, is considered an auspicious time for buying gold.
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