Gold surges on global cues, Diwali

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Gold surges on global cues, Diwali
Gold prices zoomed past the crucial Rs 32,000 per 10 grams level tracking overseas cues amid festive season in the country.

Gold prices for 99.9% were prevailing around Rs 32,225 in Mumbai, Rs 32,120 in Ahmedabad and Chennai spot gold was seen at Rs 32,200 per 10 grams.

The gold for December delivery contract was seen trading at Rs 31,865 per 10 grams, higher by 0.67% on MCX at 2.10 pm IST.

While, gold for February 2013 delivery was trading at Rs 32, 270 per 10 grams, higher by Rs 215.

Despite high prices, gold sales rose on the Dhanteras, which fell on Sunday as more people bought gold-jewellery due to on-going wedding season. As per PTI report gold sales rose up 30% on Dhanteras.

Overseas gold prices rose to $1,735 an ounce.

Reports indicated that the rising trade deficit may force the government to impose fresh duty on gold to reduce imports and help the current account deficit.

Read more about: gold, mcx, futures
Story first published: Monday, November 12, 2012, 14:25 [IST]
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