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Gold sets new record at Rs 6,020
January 27, 2003 17:41 IST
Gold prices zoomed to set another record level on the bullion market on Monday on brisk buying and gained another Rs 50 to touch Rs 6,020 per ten gram, triggered by heightened concerns over possible US attack on Iraq.
War concerns in Persian Gulf region continued to fuel aggressive buying by stockists and general investors in the face of tumbling global equity and US dollar in forex markets, leaving no option but to divert their funds in bullion.
Marketmen said a sharp upsurge in the gold prices in international markets where it touched $372.50 an ounce, a level seen in March, 1996, boosted the trading sentiment in domestic markets.
They said war concerns after escalating tension between the US allies and Iraq stimulated the equity and forex markets which in turn forced investors to park their funds in bullion, considering them to be a safe haven during such a crisis.
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