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This week is the festival of Diwali in India, in which gold buying is a tradition.
FORBES: A.M. Kitco Metals Roundup: Comex Gold Firmer on More Safe-Haven Demand, Better Technical Posture
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The upcoming Diwali festival in India finds stronger demand for physical gold coming out of that nation.
FORBES: Comex Gold Slightly Higher, Hits 3-Week High, But Firmer U.S. Dollar Index Limits Upside
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Reports say the Diwali festival in India has kept Indian gold buyers out of the market this week, which has added to the downside price pressure in the gold market this week.
FORBES: P.M. Kitco Metals Roundup: Gold Ends Solidly Lower on Bearish "Outside Markets," More Risk-Aversion
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This morning, Michelle and I enjoyed the chance to join young people here in Mumbai to celebrate Diwali -- a holiday that is observed not just here in India but also in the United States, where millions of Indian-Americans have enriched our country.
WHITEHOUSE: Town Hall with Students in Mumbai
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In 2010, during an official visit to India, President Obama and the First Lady marked Diwali by participating in a candle lighting and performance at Holy Name High School in Mumbai.
WHITEHOUSE: Our Top Stories
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In India, the eclipse comes one day after Diwali, the festival of lights that celebrates the dispelling of spiritual darkness.
CNN: HE GODS WERE DRINKING