Dhanteras: Gold may cross Rs 33,000 level on supply squeeze

October 27, 2013 11:44

Gold prices may cross the Rs 33,000 level on 'Dhanteras', a day considered auspicious for buying the precious metal, on account of rising demand amid tight supplies, experts and bullion traders say.

Despite the expected price rise, the festive demand for jewellery on 'Dhanteras' on November 1 is expected to remain stable, but sale of coins and bars would see a decline by almost 50 per cent from the year-ago period, they estimated.

The all-time record for gold prices is Rs 34,500 per 10 grams in the New Delhi market. The precious metal hit this level on August 28 this year. Currently, gold prices are ruling at Rs 32,570 in the national capital and around Rs 31,700 in Mumbai, trade data showed.

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