Gold importers on sidelines eyeing rupee
MUMBAI (Reuters) - Gold importers in India stayed on the sidelines as the yellow metal continued to trade in recent price range, with a weaker rupee also denting sales.
* After a 50 percent import duty hike to 6 percent on January 21, the Reserve Bank of India on Wednesday recommended putting curbs on imports, along with launching gold-linked products to limit shipments.
* Gold for April delivery on the Multi Commodity Exchange (MCX) was 0.12 percent higher at 30,832 rupees per 10 grams.
* "We had some deals yesterday night after euro came down along with gold, but there has not been any movement so far as gold is steady and rupee has depreciated," said a dealer with a state-run bullion importing bank. "If the rupee appreciates, we may see good gold demand."
* Wedding and festival season is underway in India, the world's biggest buyer of the metal.
* A weaker rupee kept the prices supported. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* In the overseas market, gold regained its footing after the euro's weakness pulled it lower in the previous session, while platinum and palladium dropped from their strongest levels in more than a year.
* Silver for March delivery on the MCX was 0.46 percent higher at 58,307 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Gopakumar Warrier)
- Tweet this
- Share this
- Digg this
India could allow commercial coal mining by foreign companies if they set up units in the country, opening the door for global giants like Rio Tinto to access the world's fifth largest coal reserves, a source familiar with the matter said. Full Article