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Gold hits two-month high, demand falls 3% due to GST

Spot gold price rose 1.3 per cent on Thursday, the biggest daily gain since mid-May

Gold, gold imports
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Gold imports rose to 53.4 tonnes in July from 22 tonnes a year earlier

Dilip Kumar Jha Mumbai
Gold price hit a two-month high on a weak dollar, as investors' renewed safe-haven buying interest erupted out of geopolitical tensions between North Korea and the United States.

Standard gold in the popular Zaveri Bazaar in Mumbai jumped by 0.5 per cent or Rs 140 to close at Rs 29,210 per 10 grams on Friday gaining 2.5 per cent during the week. Rising gold prices have driven buyers out of the physical markets who preferred to "wait and watch" before placing new orders.

Gold prices in India followed broadly global markets with its price was up by 0.7 per cent