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05-02-2012, 09:51 AM #1
Gold at new high, rises to Rs 29,690
Gold prices set yet another record high of Rs 29,690 per 10 gm on rising wedding season demand amid a firming global trend.
Gold, which had gained Rs 700 in the last nine days, rose further by Rs 100 to Rs 29,690 per 10 gm, a level never seen before.
However, silver met with resistance at prevailing higher level and declined by Rs 100 to Rs 56,800 per kg.
Traders said rising wedding season demand and weakening rupee mainly supported the upswing in the dollar-priced gold.
They said firming trend in global markets and investment shifting from melting equities to bullion further fuelled the uptrend.
Gold in overseas markets, which normally set price trend on the domestic front, added 0.2 per cent to $1,667.95 an ounce in Singapore, the highest level since April 13.
Meanwhile, the Indian rupee declined to nearly four months low against the US currency at 52.73 last evening.