Indian gold importers start processing orders

MUMBAI Mon Oct 7, 2013 5:07pm IST

MUMBAI Oct 7 (Reuters) - Gold importers in India, the world's biggest buyer of the metal, started processing orders to re-stock ahead of the peak wedding and festival season, after the customs department cleared the remaining consignments at a major airport.

* Gold imports into India had virtually stopped after a July 22 circular which tied domestic consumption to exports.

* "Deliveries are happening now... we will start re-intending based on the number of exports," said a dealer with private bank that imports bullion.

* Most of the banks, the primary dealers of bullion, had been waiting for custom clearance of stocks lying at the Mumbai airport, before importing new lots on fears that stocks might get stuck again.

* Exports have begun, so jewellery makers are expected to replenish stock ahead of the peak Christmas season, traders said.

* "A government bank has told us to keep stocks ready, so it's a just a matter of time for imports to re-start," a official with a foreign bank, which supplies bullion to India.

* At 11:25 GMT, the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.89 percent higher at 29,347 rupees per 10 grams.

* Silver for December delivery on the MCX was 0.86 percent higher at 48,610 rupees per kg.

* The following were the prices of gold and silver in rupees as of 1615 local time in the spot market, quoted by HDFC Bank:

Monday Friday

========================================

Gold .999/10 grams 29,375 29,360

Silver .999/kg 49,325 48,870 (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)

  • Most Popular
  • Most Shared

Pending Reform

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage