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    Gold rate today: Yellow metal above Rs 55,000 per 10 grams; Silver crosses Rs 71,300 level

    Gold rate today: Yellow metal above Rs 55,000 per 10 grams; Silver crosses Rs 71,300 level

    Gold rate today: Yellow metal above Rs 55,000 per 10 grams; Silver crosses Rs 71,300 level
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    By Ankit Gohel   IST (Updated)

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    Gold prices in India scaled new all-time high above Rs 55,100 level on the Multi Commodity Exchange (MCX) Wednesday following gains in international spot prices led by expectations of more stimulus measures and a weaker dollar, analysts said.

    Gold prices in India scaled new all-time high above Rs 55,100 level on the Multi Commodity Exchange (MCX) Wednesday following gains in international spot prices led by expectations of more stimulus measures and a weaker dollar, analysts said.
    The yellow metal hit an all-time high of Rs 55,130 level while Silver hit a high of Rs 71,380 on the MCX.
    At 12:20 pm, gold futures for October delivery rose 0.96 percent to Rs 55,073 per 10 grams as against the previous close of Rs 54,551 and opening price of Rs 54,777 on the MCX. Silver futures traded 1.97 percent higher at Rs 71,172 per kg. The prices opened at Rs 69,746 as compared to the previous close of Rs 69,797 per kg.
    “Gold prices traded near record highs on hopes of another stimulus package from the US, ETF inflows, sustained geopolitical tensions between US and China and a weak dollar,” said Jigar Trivedi, Fundamental Research Analyst at Anand Rathi.
    International gold prices scaled an all-time peak on Wednesday, extending a record run above the $2,000 mark on a weaker dollar and bets for more stimulus measures to revive a pandemic-ravaged economy, a Reuters report said.
    Spot gold hit a record high of $2,030.72 in early Asian trade but later dipped to $2,014.41, with the slight retreat attributed to profit-taking.
    US gold futures rose 0.7 percent to $2,032.30.
    "Technically, the gold price rallied upwards strongly on yesterday’s evening to breach $2,000 barrier and activates the positive scenario on the short term and medium term basis, paving the way to achieve more gains in the upcoming period, as the price is organized inside bullish channel that has additional targets that reach $2075.00," said Ajay Kedia, Directors, Kedia Commodities.
    Meanwhile, the Indian rupee traded higher against the US dollar on Wednesday, amid buying in the domestic equity market.
     
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