The demand for gold is expected to take a hit if the price of the yellow metal – which has been hovering around Rs 60,000, a level never seen before – remains elevated. Due to a sharp increase in price in a very short time and the flow of smuggled gold continuing, gold price in Mumbai is quoted at around Rs 59,000 per 10 gram. Typically, overall demand in the January-March and July-September quarters is moderate-to-dull, which is the case in the ongoing period.
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