Rupee Gold Prices Set New Record

DOMESTIC Gold Prices in India rose to a new all-time high today, hitting Rs29,690 per 10 grams in New Delhi, according to Indian press reports.

Several dealers blamed high Gold Prices for lower sales at last week's Akshaya Tritiya festival, which saw sales down an estimated 10 tonnes compared to last year's festival.

On the currency markets meantime, the Rupee  ell to its lowest level in four months against the Dollar on Monday, hitting $1 = Rs52.73.

The Rupee has lost 18% against the Dollar since this time last year, during which time Rupee Gold Prices have set a series of record highs.

Indian exports meantime fell in March for the first time since March 2009, official data published this week shows.

India's government has twice raised its gold import duties this year. India is one of a number of emerging market countries where Gold Bullion imports exacerbate significant balance of payments problems.

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