Physical gold demand remains subdued in key markets and all eyes remain on India.

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The exquisitely crafted gold objects used techniques beyond anything ever seen by European eyes.

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Mr. Li, winner of three gold medals for China in the 1984 Los Angeles Olympics, caught viewers' eyes world-wide when he carried the torch and "flew" around the Beijing stadium at the opening of the 2008 games.

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He has covered shoes in gold studs (a recent boot brought to mind an abacus), dotted them with googly eyes (he got the idea from a greeting card), and topped them with plumes (a pointy-toed stiletto looks as if it had tussled with Tweety Bird).

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Whatever the price of gold reflects, inflation expectations or the need for safe tangible assets, investor will have to keep their eyes peeled for the G7 meeting being held over the weekend.

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