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Gold demand shrinks as prices rise

Gold demand shrinks as prices rise
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First Published: Thu, Apr 23 2009. 01 32 PM IST
Updated: Thu, Apr 23 2009. 01 32 PM IST
Mumbai: India’s gold demand tapered off as prices extended gains on Thursday, as buyers have stocked the yellow metal during the price dips for a festival next week, dealers said.
“Demand is very slow compared to last week as prices have moved up and also rupee has crossed 50 mark,” said a dealer with a private bank in Mumbai.
The most-watched June contract extended gains to trade 0.20% higher at Rs14,460 at 1:43pm, after gaining 0.96% in the last session.
Buyers would return if prices fall to Rs13,500, added another dealer with a state-run bank.
Akshaya Tritiya, which falls on 27 April, is the second-most auspicious day to buy gold after Dhanteras, traders say.
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First Published: Thu, Apr 23 2009. 01 32 PM IST
More Topics: Gold | Bullion | Economy | Markets | India |