Gold stayed near a three-month top on Thursday after marking its best day in two weeks, buoyed by expectations that global economic and financial headwinds could make it tough for the US Federal Reserve to raise interest rates in the near term.
Buoyed by positive global cues and sustained buying by jewellers at domestic spot markets, gold continued to rise for the fourth straight day by gaining Rs 100 to trade at Rs 27,400 per ten grams at the bullion market Wednesday.
Its latest attempt - a rule forcing buyers of high-value jewellery to disclose their tax code - has boosted unofficial trading in the world`s second-biggest gold consumer, industry experts say, rather than promote transparency and dent demand.
Continuing its upward journey for the third day, gold surged by Rs 5 to Rs 27,135 per ten grams at the bullion market Thursday on sustained buying by jewellers, driven by the ongoing wedding season even as the metal weakened in overseas markets.
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