A jewel fiesta happened courtesy the India Bullion and Jewellers Association at Sahar Star, Mumbai.
Gold prices advanced Rs 700 to reach a new lifetime high of Rs 91,950 per 10 grams in the national capital on Wednesday on the back of continued buying by jewellers ahead of wedding season, according to the All India Sarafa Association. Besides, increased tensions in the Middle East and concerns about the US economic slowdown have kept the demand for safe-haven assets intact.
Earlier this month, RBI had raised loan to value ratio to 75 per cent from 60 per cent earlier.
Dealers expect prices to fall further, owing to an impending rate hike in the US
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