Gold holds near multiweek highs in South Asia as India demand rises

Gold prices held near multiweek highs in South Asia at the end of September, with India recording fresh domestic peaks while Pakistan's local rates remained broadly unchanged, market data showed. On Tuesday and Wednesday, spot and futures markets were buoyed by a weaker US dollar, expectations of future US interest rate cuts and seasonal demand in India.

In Pakistan, gold traded at 34,055.36 Pakistani rupees per gram on Thursday, virtually unchanged from Wednesday's 34,066.02, and at 397,215.00 rupees per tola, according to data compiled by FXStreet. The platform said its local figures are derived from international prices converted to Pakistani currency and traditional local weight measures, and noted that reference rates can vary slightly from local market transactions.

In India, domestic prices climbed to record levels. Mumbai quotes put 24 carat gold at 116,400 rupees per 10 grams and 22 carat at 106,700 rupees per 10 grams on Monday and Tuesday. India Bullion Co reported a domestic quote of 116,410 rupees per 10 grams on Tuesday, up 1,470 rupees from Monday's close of 114,940. Futures on the Multi Commodity Exchange were trading near those levels, with December contracts...