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Dubai bullion trade scenario unclear
NOVEMBER 7: Though dust seemed to have settled at the Dubai bullion trade, the scenario is still unclear. Rumouring is in full swing. According to market grapewine a highly prestigious five star hotel has been written off related to speculative payments. Several show rooms are almost closed. Actual loss may not be never known, but one thing is sure that most of the traders involved in the unfix gold trade lost heavily. Since the Dubai was hub of the speculative trading, deals of Indian subcontinent and Middle East was enrouted to the Dubai.Being a nerve centre of the havala trade, Dubai was the ideal one in the unfix bullion trade .On the other hand, price remained subdued amid lower demand coupled with falling global prices. Gold bar at Ahmedabad was quoted around Rs 53,000 in the last week. While New York gold ruled around 292-295 range, $292 is acting as a key support. Technically, the market is in the consolidation phase and may remain sidelined for some time. Short-term trend seen range-bound, longerterms trend seems still firm. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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