Gold futures
in India edged down on Monday on a stronger rupee, though premiums stayed on
the higher side due to lack of supplies.
* At 2:53
p.m., the most-active gold contract for February delivery was 0.27 percent
lower at 28,477 rupees per 10 gram on the Multi Commodity Exchange.
* Silver for
March delivery was down 0.07 percent at 43,975 rupees per kg.
* The rupee,
which strengthened on Monday, plays an important role in determining the landed
cost of the dollar-quoted yellow metal.
* Premiums
stayed steady at $140 an ounce on London prices.
*
"There has been no pick-up in demand, they (suppliers) have ample gold for
exports, but nothing is available for domestic," said Bachhraj Bamalwa,
director at the All India Gems and Jewellery Trade Federation.
* Indian
gold imports may fall 70 percent in the final quarter of 2013 from 255 tonnes
in the year-ago period and are expected to be half the usual levels at 500-550
tonnes next year if new import rules are maintained, a top trade body official
said.
* To curb a
rising trade gap, the Indian government slapped a record import duty of 10
percent, and tied imports for domestic consumption with exports.
* India will
keep a tight leash on gold imports despite a recent improvement in its trade
deficit and lobbying by a bullion industry struggling with high premiums and a
supply crunch.
Source: Reuters
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