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Gold a tad lower than new high

Published: 23rd August 2012 09:59 AM  |   Last Updated: 23rd August 2012 12:58 PM   |  A+A-

Buoyed by a surge in global prices and brisk buying ahead of the festival and marriage season, domestic gold prices zoomed to a near record high of Rs 30,745 per 10 gm. This is just a tad short of the all-time record of Rs 30,750 touched on June 19.

While bullion prices surged by Rs 235 in Delhi, they increased by Rs 180 to Rs 30,420 in Mumbai. In Kolkata, gold prices jumped by Rs 240 to Rs 30, 725 and the prices of the precious metal inched up by Rs 85 to Rs 30,415 in Chennai.

According to analysts, the surge in domestic gold prices on Wednesday followed similar trends in global market on hopes that the European Central Bank would take steps to contain Eurozone’s debt crisis.

Gold demand in India, which is the world’s largest consumer has been stymied in the last few months due to a hike in import duties and record-high local prices due to a weak rupee. In a recent report, the World Gold Council had pegged gold demand in India to slump to 650-750 tonne this year from 933 tonne in 2011.

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