India gold trades near record high; traders at bay

India gold trades near record high; traders at bay

"The feedback from customers is that they would wait rather than buy at current near-record levels," said a dealer with a private bullion importing bank. International gold, which guides the domestic market, was trading at $1,228.55/1,299.55 an ounce as against the previous close of $1,232.05/1,233.05, after hitting an all-time high of $1,233.65 in the last session.

"Nobody had expected such a sudden jump in prices, they are all waiting for below $1,200 (an ounce) levels," said another dealer with a state-run bank. The most-traded gold futures on the Multi Commodity Exchange was trading 1.06 percent higher at 18,086 rupees per 10 grams, after hitting a high of 18,222 rupees, nearing its all-time high of 18,294 rupees, struck on Dec. 3.

The Akshaya Tritiya festival, which falls on May 16, is one of the two most auspicious days of the year to buy the yellow metal in the world's largest gold market, as Hindus believe they can get lasting prosperity by buying precious metals on the day. The other festival is Dhanteras in November.

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