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Late-night buying parked huge amounts of rupees in gold

Section: Daily Dispatches

By Bella Jaisinghani
The Times of India, Mumbai
Thursday, November 10, 2016

MUMBAI -- The first refuge of all those who wish to put their ill-gotten gains to good use remains gold, and this was proved once more on Tuesday. Jewellery stores in certain localities remained open beyond midnight, allowing large cash transactions.

Shortly after the prime minister's announcement on demonetization, clients approached goldsmiths across South Mumbai, Malad, Kandivli, Borivli, Ghatkopar, and Mulund, as well as Kharghar and Panvel in Navi Mumbai, to buy large quantities of gold, albeit at a premium. The going rate was Rs 37,000-38,000 per 10 grams, although the official price was Rs 30,000-odd. Reportedly business in Malad's Natraj Market lasted well into the night with gold rates shooting up to Rs 48,000 per 10 grams for a brief period. ...

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