Price of gold bullions for immediate delivery up 0.1% an ounce to $1,580

After continued losses in the past weeks.

Gold increased after the biggest loss in more than two weeks as the festival and wedding season inIndia, the world’s biggest consumer after China, spurred purchases, a report by Bloomberg says.

Bullion for immediate delivery added 0.1 percent to $1,242.66 an ounce at 9:39 a.m. in Singapore, according to Bloomberg generic pricing. Prices dropped 0.6 percent yesterday, the biggest decrease since Oct. 3.

Bloomberg adds that gold advanced 2.9 percent this month as equities fell after the International Monetary Fund cut its growth outlook and Federal Reserve policy makers said slowing foreign economies were a risk to U.S. expansion. Speculators added bullish gold bets for the first time in nine weeks in the week ended Oct. 14, U.S. Commodity Futures Trading Commission data show. Buying in India was strong this week, UBS AG said in a report yesterday.