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Indian gold traders keep away from imports for 3rd week
August 5, 2013 / 12:42 PM / 4 years ago

Indian gold traders keep away from imports for 3rd week

MUMBAI, Aug 5 (Reuters) - Gold importers in India stayed on
the sidelines for a third straight week due to policy
uncertainty on shipments and supporting premiums.
    * To keep a lid on record trade deficit, India's central
bank tied gold imports for domestic use to exports, helping cut
imports available to the local market by 60 percent. The federal
government has also raised the import tax twice in 2013 to 8
    * "Banks are confused on documentation and everything, so
imports are not happening," said Haresh Soni, chairman of the
All India Gems and Jewellery Trade Federation, adding that
premiums on London prices were quoted at up to $40 an ounce.
    * Importers are waiting for clarification from government
agencies like the Reserve Bank of India and Directorate General
of Foreign Trade for further guidelines on imports, Soni said.
    * June gold imports fell nearly 81 percent to 31.5 tonnes
from a record 162 tonnes in May, although Finance Minister P.
Chidambaram said recently that imports again rose in July,
without giving details. 
    * India, the world's biggest buyer of the metal, is hoping
to contain gold imports well below the 845 tonnes shipped last
year, Chidambaram said. 
    * At 1235 GMT, the actively traded gold for October delivery
 on the Multi Commodity Exchange (MCX) was down 0.17
percent at 28,000 rupees per 10 grams. It earlier hit a low of
28,676 rupees, a level last seen on April 13. 
    * Silver for September delivery on the MCX fell 0.39
percent to 41,807 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  28,060     27,610
    Silver .999/kg      43,900     42,800 

 (Reporting by Siddesh Mayenkar; Editing by Prateek Chatterjee)

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