Gold prices touch all-time high in India
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Mumbai: Prices for Gold have reached an all-time high in India, reports IANS, citing demand due to the wedding season and soaring international prices.
Chennai tops the chart with Rs 64,530 per 10 gm for 24-carat gold in morning trade.
Prices hover at Rs 63,760 per 10 gm in Mumbai, Delhi, Bengaluru and Kolkata, and the rate is Rs 810 higher than a day ago.
In the international market, gold prices went up to seven months high as spot prices gained 1.6 per cent to $2,069.10 per ounce on Friday.
India's import of large quantities of gold, along with rising global prices, impacted the domestic market directly.
Gold prices have been rising in the global market as the dollar has continued to depreciate against a basket of major currencies and is currently close to a three-month low, which makes gold cheaper to buy in other foreign currencies.
There are also growing expectations that the Federal Reserve is likely to cut rates in the coming months.
Expectations of low-interest rates make financial instruments less attractive for investors compared to gold, which is considered a safe investment.
The demand for gold in the domestic market remains firm amid the marriage season as the precious metal is gifted to brides and grooms in large quantities.