UPDATE 1-India gold demand "good" ahead of Akshaya Tritiya
(Updates to trends in the physical market)
* Spot gold up at $855.30 an ounce XAU=
* London Brent crude up at $110.51 a barrel LCOc1
* Rupee weaker at 40.66 per dollar INR=IN
* U.S. factory orders at 7:30 p.m. <MI/DIARY>
MUMBAI, May 2 (Reuters) - India's gold demand was "good" on Friday amid steady prices as manufacturers bought the metal ahead of the Akshaya Tritiya festival next week, when consumers buy at least a bit of the metal to invoke prosperity, dealers said.
"Demand is good as market is seeing gold fall," said D.P. Naresh of Micro International, a large wholesaler in Bangalore.
Gold was slightly higher on Friday in tune with overseas markets, as prices rebound from a four-month low a day ago amid a stronger dollar and easing crude oil.
In the local market, prices held above a psychological 11,000 rupees per 10 grams, but traders were encouraged to stock up for Akshaya Tritiya on May 7-8, when consumers are expected to shop irrespective of prices. Continued...
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