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Asia gold: Indians brush off record rates to load up on gold for Diwali
Indian buyers brushed off record high local prices this week making gold purchases during the Diwali festival week in the country, while China premiums remained buoyant after the top-buyer continued to accumulate gold holdings. “Demand improved gradually this week. It was as good as last year despite record high prices,” said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata. Local gold prices were trading around 60,900 rupees($731.81) per 10 grams on Friday after hitting an all-time high of 61,914 rupees($744.00)this week. Sales of coins and bars picked up from ... (full story)