MUMBAI Oct 7 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
* 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
* "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:
Gold .999/10 grams 29,375 29,360
Silver .999/kg 49,325 48,870
(Reporting by Siddesh Mayenkar; Editing by Sunil Nair)