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Gold with
a purity of 99.9% (.999) climbed
to 23,620 rupees per 10 grams
at Mumbai’s bullion exchange in Saturday’s
trading session. Thus, India's gold price regained its record high, after suffering
from minor price losses in the previous trading days. Gold with a purity of 99.5% (.995) also
rose to 23,500 rupees per 10 grams.
India's investors
were disturbed at the economic figures published by the US Department
of Commerce last Friday, which showed
that the USA’s GDP growth rate slowed down significantly in the second quarter. Contrary
to the much too optimistic expectations of most
economists surveyed by
Bloomberg, second quarter GDP in the US grew by just 1.3%. Many Americans as well as Indians were encouraged to buy gold by these disappointing figures. WIth India’s Diwali festival of lights on the horizon, the country’s bullion dealers
are eager to supplement their warehouse stocks; experts
expect India’s gold
and silver demand to set
new records in the wake of this
year’s Diwali, with silver demand
expected to be particularly strong.
The price
for silver with a fineness of 99.9% (.999) rose by 320 rupees
to 59,035 rupees per kilogram.
Futures contracts with a delivery period of one week rose by 600 rupees to
58,920 rupees per kilogram.
Prices for silver coins prevailed at high levels but lost 500 rupees to 64,500 for buying and 65,500 for selling.
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