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Gold rush as prices pierce Rs 6000

Mumbai, Nov. 28: Prices of the yellow metal continued to sparkle and it closed at an all-time high of Rs 6,035 per 10 gram today due to increased seasonal buying.

Pure gold (99.9 purity) opened at Rs 6,010 at the bullion market and rose on continuous buying support. This led to the metal closing at a new high of Rs 6,035, thus marking a gain of Rs 30 over the last close of Rs 6,005.

Standard gold (99.5 purity), after a steady start at Rs 5,970, also found support to end at Rs 5,995, a jump of Rs 25 from the last close of Rs 5,970.

Bullion market analysts said the hectic buying is entirely due to the marriage season.

In London, gold was fixed higher at $398.10 per ounce from the previous level of $395.45, but it closed marginally lower in Hong Kong at $396.00-396.50 per ounce from the previous close of $396.10.

Earlier, prices of the metal had shot above $400 per ounce in New York.

Silver, too, showed an upward trend and rose further on good industrial and local buying in line with gold.

Ready silver (.999 fineness) opened weak at Rs 8,660 per kg, but later found good low-level support and recovered to end at Rs 8,695 per kg, showing a gain of Rs 25 over the previous close of Rs 8,670 per kg.

Earlier this month, international prices of the metal showed a rising trend as the dollar came under pressure due to blasts in Iraq.

However, overseas prices have remained firm since then despite positive signals from the US economic front, thus indicating preference for safe-haven assets like gold. “Gold may even show some spikes on news of blasts or terror attacks,” an analyst added.

Prices of the yellow metal had crossed the Rs 6000 mark in February. Yesterday, it did the same on news that prices of the metal had surpassed $400 per ounce.

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