Gold Hits All-Time High On Mumbai Bullion Market Email this page
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Mumbai, Nov. 17 (NNN) : Breaking all previous records on the bullion market in Mumbai on Tuesday, standard and pure gold closed at all-time high of Rs 6,505 and Rs 6,540 per 10 gram, respectively.
Standard gold (99.5 purity) resumed at a new high of Rs 6,495 as against Rs 6,480 quoted during the special Diwali Muhurat trading on Friday. Pure gold (99.9 purity) which had closed higher at Rs 6,515 on Friday rose further on Tuesday to an all-time high of 6,540.

The previous highest level for standard gold and pure gold were Rs 6,490 and Rs 6,525, respectively.

The latest hike was due to heavy investor and stockists' buying after the metal rallied to a 16-year high of $440.05 per ounce in the European market on Monday due to continued dollar weakness and market bullishness ahead of the gold-backed exchanged-traded fund in New York this week.

Dealers in the overseas market felt gold bulls were looking for more gains and said spot prices could run to around $445-446 per ounce in Europe this week.

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