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Gold prices rally in the international market, impacting domestic prices. Prices breach the Rs 64,000/10 grams mark on MCX. Sharp correction follows, falling below the $2,050 level. Local markets sell gold at Rs 67,500/10gm, a new all-time high. The surge in prices was attributed to news of US warships and commercial ships attacking in Red Sea. On the other hand, Avinash Gupta, former director, of All India Gems & Jewellery Domestic Council, feels the surge was not substantiated by any fundamentals and was driven only by anticipation of the US Fed slashing interest rates much earlier than expected.
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