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Gold Strikes Over 5-week High; Demand Stays Loose

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Gold

India’s gold future extending gains for the fifth session in a row, to the highest in more than five weeks, prompting physical traders to remain on the pipelines, dealers said. The most active gold for the month of April delivery on Multi Commodity Exchange was 0.52% higher at 28, 796 rupees per 10 grams, after striking to 28, 828 rupees, a level last seen on December 14.

“Sale of gold is a bit low due to high rate,” Haresh Acharya said, head of Bullion Desk at Parker Agrochem. Due to inflation, and a revival in stock markets could affect gold import by India, the world’s biggest consumer, pushing shipments about 35% in value terms in 2012-13.

Rates of silver are also going high in accordance with gold. Silver for March delivery on MCX was 0.55% higher at 57, 574 rupees per kg.

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