MUMBAI (Thomson Financial) - India spot gold steadied after opening at a fresh all-time high, trade participants said.
In London, gold edged up towards last week's record peaks as players piled back into the metal amid continuing global inflation risk fears, with crude oil rising back towards 100 usd per barrel.
But Bharghav Vaidya, proprietor of Mumbai-based trading house Bharghav Vaidya and Associates, said it is very likely the lack of physical demand will cause a correction.
The Bombay Bullion Association estimated imports slumped to 5 tonnes in January from 62 tonnes a year earlier because of surging prices.
Mumbai gold of 0.995 purity closed 35 rupees higher at 12,265 rupees per 10 grams, having opened at 12,280 rupees per 10 grams. Gold of 0.99 purity closed 30 rupees higher at 12,320 rupees per 10 grams.
Silver of 0.999-purity closed 30 rupees higher at 22,735 per kg.
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