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Gold Falls in London as High Price May Curb Purchases in India

Aug. 31 (Bloomberg) -- Gold fell for a second day in London as prices near a record high in India, the world’s largest buyer, may curb new purchases.

The rupee price of gold climbed for a third day, and is less than 1 percent below the record on June 8. India’s economy expanded at the fastest pace in 2-1/2 years, increasing pressure on the central bank to raise interest rates to cool inflation.

The market is “quiet with gold in rupees close to all-time highs,” said Tom Kendall, an analyst at Credit Suisse Group AG in London.

Gold for immediate delivery dropped $2, or 0.2 percent, to $1,234.97 an ounce at 10:22 a.m. in London. Prices have climbed 4.6 percent this month, heading for the biggest monthly gain since April.

Gold for delivery in December declined 0.2 percent to $1,236.50 an ounce on the Comex in New York.

Silver dropped 0.7 percent to $18.94 an ounce, platinum declined 0.9 percent to $1,514.25 an ounce and palladium fell 1.6 percent to $488.88 an ounce.

To contact the reporters on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net; Anna Stablum in London at astablum@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

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