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Gold demand picks up in Asian hubs as prices slid to six-month low

Dealers in India were charging a premium of up to $1 an ounce over official domestic prices this week

Reuters  |  Mumbai/Bengaluru 

Gold demand picked up in most Asian centres this week as prices of the yellow metal slid to a six-month low, with gold being sold at a premium in India for the first time in seven weeks. Spot gold touched its lowest since Dec. 19 at $1,260.84 an ounce on Thursday, weighed down by outlook for higher interest rates in the United States and as the dollar climbed to an 11-month peak. "Demand has improved slightly due to the correction, but still many buyers are waiting for prices to fall further," said Ashok Jain, proprietor of Mumbai-based wholesaler Chenaji ...

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First Published: Sun, June 24 2018. 21:35 IST