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Asia Gold: Elevated prices deter buyers in key hubs

ByVictoria

In India, domestic prices hit an all-time high of 80,034 ($927.69) rupees per 10 grams on Friday, tracking the international spot gold prices and hovering near a record high of $2,790.15 hit on Oct. 31.

“Retail demand was negligible this week due to the price rise. Most jewellery stores were witnessing thin footfall,” a Chennai-based bullion dealer said.

Chinese gold prices are higher again and close to historical highs, which has sucked out demand but some people are still buying due to the holiday season starting next week, said a mainland China-based precious metal trader.

Source – Reuters

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