The markets have been taking cues of the sentiment across the globe. The economic sentiments, which are negative, can boost up the prices of gold, said Naveen Mathur, associate director of commodities and currencies at Angel Broking. Mathur is bullish on crude and has a buy call on it.
From the precious metal space, international gold prices fell 4.8% in September followed by a rally in dollar. Kunal Shah, research head of commodities at Nirmal Bang Commodities feels that the gold prices might witness an upmove in one-two day.
Gold demand in India, the world's biggest buyer, was moderate on Monday after the prices in the local market rose 2% to a record high tracking firmness in the world market and due to a weak rupee, dealers said.