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He admitted to stealing gold and silver ornaments from Nenduguri Ramanna’s houses by breaking open doors at Kethanapalli on May 26 night.
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The seven were taken into custody while they were planning to sell the booty in Karimnagar by getting together at Swamy Charan, following a tip.
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In the previous session, it had closed at Rs 71,850 per 10 grams. Silver prices also jumped Rs 400 to Rs 83,500 per kg.
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As per market reports, the 24-carat gold was priced at Rs 71,510 per 10 grams on Wednesday, marking a notable decrease from its April 19 record rate of Rs 74,340.
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India's gold demand in value terms rose 20 per cent to Rs 75,470 crore during the quarter compared to the same period last year.
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Scores of NRIs including a significant Telugu NRIs thronged the temple, one of the oldest temples in the Gulf, to witness the grand celebrations. Scores of Telugu NRI community members living in Oman took part in the celebrations.
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As of Friday, Korea Exchange (KRX) reported a daily gold trading volume of 16.9 billion won ($12.25 million) in the country.
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India's presence in the global gold market remains prominent, with additional contributions from other central banks in February.
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On Thursday, the price of 24-carat gold soared to a record-breaking Rs 70,470 per 10 grams, marking a substantial increase of Rs 600 within a single day. This milestone represents the first time in a year that gold has breached the Rs 70,000-mark in the Hyderabad market.
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In morning trade, the gold futures contract on the MCX for June 2024 opened at Rs 69,868 per 10 gm and quickly surged to Rs 69,908 per 10 gm. This rise followed news of the precious metal reaching a high of $2,323.70 per ounce in the international market.
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On March 31, the previous day, the price of 24 carat gold per 10 grams was Rs 68,450 in Hyderabad, indicating a significant increase within a day.
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MCX gold prices in India surged to a record high of Rs 69,487 per 10 grams in opening trade, following the uptrend in the international market. As of 11:26 am, it was trading around Rs 68,828.
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According to Customs Department officials, the gold was in compound form and weighed 954 grams.
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The accused was working at the woman's house in Tahnee Heights building on Nepean Sea Road in south Mumbai for the last couple days, he said.
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In the international markets, spot gold at COMEX was trading at USD 2,177 per ounce, down USD 3 from the previous close.
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On the Multi Commodity Exchange, gold contracts for April delivery traded higher Rs 184, or 0.28 per cent, at Rs 65,590 per 10 grams in a business turnover of 17,430 lots.
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However, the silver prices declined by Rs 400 to Rs 74,500 per kg
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This surge marks only the third instance in the past year where the price of gold has surpassed Rs 62,500 per 10 grams in Hyderabad.
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Spot gold prices (24 carats) in the Delhi markets are trading at Rs 63,320 per 10 grams, up by Rs 350
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The trio had entered into a shop on Wednesday and decamped with gold ornaments at knife point after attacking the shop’s salesman
