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Bullion prices worked their way somewhat higher (within a channel of from $790 to $805) overnight as a pause in the dollar's rally and hurricane fears-driven crude values gave buyers a bit more motivation than they had prior to the weekend. Indian demand was quite robust as the recent massive slide in value convinced locals that early festival-related buying may be wise. However, expectations remain that gold could fall under 10,000 rupees per 10 grams by the end of next month, in which case there could be a decent enough Diwali-related shopping season to make up for some of the damage in demand the country witnessed in the first half of the year. At the end of the day, while some buyers (investment funds) had pushed gold prices beyond the proverbial envelope, others (and perhaps the more important ones to this market in a historical sense) had held back and dug in until the prices tags started to show relief.
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