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Gold hits all-time high @ Rs 6,505
November 16, 2004 16:21 IST
Gold broke all previous records on the bullion market in Mumbai on Tuesday as standard and pure gold closed at all-time high of Rs 6,505 and Rs 6,540 per 10 gram, respectively, due to heavy stockists' buying in line with sharp rises in the international prices.
Standard gold (99.5 purity) resumed at a new high of Rs 6,495 as against Rs 6,480 quoted during the special Diwali Muhurat trading on Friday. Pure gold (99.9 purity) which had closed higher at Rs 6,515 on Friday rose further on Tuesday to an all-time high of 6,540.
The previous highest level for standard gold and pure gold were Rs 6,490 and Rs 6,525, respectively.
The fresh high was touched due to heavy investor and stockists' buying after the metal rallied to a 16-year high of $440.05 per ounce in the European market on Monday due to continued dollar weakness and market bullishness ahead of the gold-backed exchanged-traded fund in New York this week.
Dealers in the overseas market felt gold bulls were looking for more gains and said spot prices could run to around $445-446 per ounce in Europe this week.
Meanwhile, in the Asian market spot gold rose smartly to touch an intra-day peak of just above $439 per troy ounce on Monday, primarily on light Japanese buying. The yellow metal was bid higher from the outset of trading with players on
Tokyo Commodity Exchange covering short positions and modestly adding to the longs as both the Yen and Euro tested recent highs against the US dollar.
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