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Indian gold futures extend losses

Indian gold futures extended losses on Friday to hit their lowest level in nearly two weeks weighed by weak overseas leads, though physical traders awaited resumption of shipments. A weak rupee, however, limited the fall. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.

In the overseas market, gold held near a 2-week low and was headed for its second week of losses on growing expectations the US Federal Reserve would soon wind down its commodities-friendly bond-buying programme. India's central bank, in a bid to help the government stem the tide of gold imports which had pushed the current account deficit to a record high, told importers on July 22 that a fifth of their purchases would have to be turned around for export. Most of the jewellers are sustaining on stocks that were shipped from April to May, which totalled more than 300 tonnes.

Copyright Reuters, 2013



 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln