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Sharp rise in gold prices

By Our Corporate Reporter

CHENNAI DEC. 13. Gold prices registered a sharp rise in Chennai today with 24 ct. gold quoting at Rs. 5,445 per 10 gm against Rs. 5,315 on Thursday. Gold 22 ct. quoted at Rs. 504 per gm against Rs. 492 in the previous day.

According to C. V. Pandurangam, vice-president, The Madras jewellers & Diamond Merchants' Association, the spurt was due to the sharp rise of the yellow metal to a new peak of $334.75 troy ounce, in London on Friday.

The increasing tension in West Asia, large scale buying by speculators leading to short supplies in the domestic markets and the festive season were responsible for the rise in prices, he said.

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