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Wednesday, March 9, 2016

Gold price rises to 22-month high

With uncertainty in the global economy deepening, investors have placed their bets on the traditional safe haven gold, which made its price hit 22-month-high.

Standard gold (99.5 purity) rose by Rs 270 to finish at Rs 29,580 per 10 grams from last Friday’s closing value of Rs 29,300 — its strongest close since May 12, 2014.

Pure gold (99.9 purity) also climbed by a similar margin to end at Rs 29,720 per 10 grams as compared to Rs 29,450 earlier. According to experts, the demand has increased because of an unabated buying spree from jewellery stockists and traders driven by highly bullish overseas sentiment.

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