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Gold at 9 month high, shining on the Occasion of Diwali

Dynamic Equities Pvt Ltd | 21 Oct, 2016  | Follow Author | Add to my Favourites 
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Gold at 9 month high, shining on the Occasion of Diwali


Gold prices in India reached to a premium for the first time in nine months on Wednesday as jewelers and dealers in the world's No.2 consumer of the metal increased purchases ahead of major festivals.

For the third day, gold prices surged today, firming up by Rs 160 to trade at two-week high of Rs 30,540 per 10 grams driven by relentless buying by jewelers at domestic spot market and firm global trends. Globally, gold rose by 0.53 per cent to USD 1,268.90 an ounce


Dealers were charging up to USD 2 an ounce over the set domestic prices. Bachhraj Bamalwa, director at the All India Gems and Jewelry Trade Federation said that the first time premiums have been seen since mid-January.


Gold importers have conventionally charged premiums to lessen risks they take due to currency and price fluctuations. But Gold had been trading at a discount for most of this year due to weaker-than-usual demand and an increase in smuggling. Discounts hit a record high of $100 an ounce in July. Bachhraj Bamalwa said that in the last 10 days, demand has enhanced due to festivals. The correction in prices is aiding in attracting buyers.


Gold prices in India have declined over 8 percent since hitting a crest of 32,455 rupees ($485) per 10 grams in July, the highest level in approximately three years.


Demand for gold usually gets strong in the final quarter as India gets ready for the wedding season as well as festivals such as Diwali and Dussehra, when buying Gold is considered auspicious.


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About Dynamic Equities Pvt Ltd

Dynamic Equities Pvt. Ltd. is a a SEBI Registered Investment Advisor and Stock Broker, a leading financial services provider, and one of the major players in the Equity markets in India. With an experience of over 15+ years in Stock Markets and Equity Research, they provide daily updated Support & Resistance of 4200 instruments across 93 exchanges and 56 countries globally. They have an in-house team of over 25 analysts. Under the guidance and mentorship of Mr. Shailesh Saraf, MD of Dynamic Equities Pvt. Ltd., these analysts are dedicately involved in guiding their clients and users of the website www.dynamiclevels.com for trading in the market. Mr. Shailesh Saraf has an experience of over 24 years in the financial market, especially in capital & derivatives market operations, trading, research and management related areas. Dynamic Levels is a website owned by Dynamic Equities Pvt. Ltd. The website can be reached at www.dynamiclevels.com.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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