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Gold Regains Record Level of 29,540

Monday, April 30, 2012
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New Delhi: Gold prices spurted by Rs.100 to regain the all-time high level of Rs.29,540 per 10 grams in the bullion market on strong demand triggered by the ongoing wedding season amid firm global cues.

The precious metal, which was last seen at this level on December 8, has gained Rs.550 in the last seven days.

Silver also gained Rs.100 to Rs.56,500 per kg on increased offtake by industrial units and jewellery makers.

Traders said besides continued buying for the wedding season, firm trend in overseas market, where gold advanced as weakening dollar increased the demand for the precious metal as an alternative investment, also boosted the sentiment.

Gold rose by 0.3 percent to $ 1,664.80 an ounce and silver gained 0.4 percent to $31.41 an ounce in New York.

Back home, gold of 99.9 and 99.5 percent purity rose by Rs.100 each to Rs.29,540 and Rs.29,400 per 10 grams, respectively.

Sovereign remained steady at Rs.23,650 per piece of eight grams in scattered deals.

Silver ready also strengthened by Rs 100 to Rs.56,500 per kg and weekly-based delivery by Rs.145 to Rs.55,875 per kg.

Silver coins continued to be asked around previous level of Rs.64,000 for buying and Rs.66,000 for selling of 100 pieces.


Source: PTI
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