Gold settled at 32000 as pressure seen last week on rupee firmness
helped by capital inflows on optimism that the government will be able to win a vote in
parliament and push through key reforms. Also drop was due to ongoing concern
that US lawmakers may fail to reach a settlement in talks aimed at
avoiding self-imposed tax increases and budget cuts known as the fiscal cliff. gold to tumbled 2.2% last week, the most since June 22.
While the PM’s Economic Advisory Council’s chairman, C.Rangarajan,
has warned that any move to put a ban on gold imports will lead to an increase
in the smuggling of the precious yellow metal.
Gold price recovered by Rs 170 to Rs 32,000 per 10 gm in the national capital today
on emergence of retailers buying for the wedding season amid firming
global trend. Traders said emergence of retail customers buying
for the ongoing wedding season mainly pulled back the gold, which had
lost Rs 270 in the previous session.They said a firming tend in overseas markets further supported the uptrend.The gold rallied in global markets from its biggest weekly drop in more
than five months as investor holdings in exchange-traded products
advanced to a record and a decline in the dollar boosted demand.
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