Just in:  

You are here: Home»Markets»Commodities»Asia»Indian gold importers retreat on weaker rupee

Indian gold importers retreat on weaker rupee

gold--MUMBAI: Gold importers in India, the world's biggest buyer of the metal, retreated as a weaker rupee helped the yellow metal to extend gains for a second day.


The actively traded gold for February delivery on the Multi Commodity Exchange was 0.24 percent higher at 30,982 rupees per 10 grams by 0924 GMT, after gaining 0.35 percent in the previous session.


"Deals are there but volumes are not that great as the rupee has weakened," said a dealer with a private bullion importing bank. "Last week there were good consignments due to the talk of import duty."


The rupee, which weakened past 55 per dollar, plays an important role in determining the landed cost of dollar-quoted yellow metal.


Worried by ballooning current account deficit, the finance minister hinted at making gold shipments more expensive, saying it was under consideration, but did not elaborate on the type of measures. India has a 4 percent import duty on gold.


The central bank also recommended restrictions on value and volumes on importing banks and agencies.


Overseas gold inched up off the previous session's four-month low, boosted by lacklustre US jobs data which supported expectations for continued monetary easing from the Federal Reserve.


Silver for March also edged 0.19 percent higher to 58,095 rupees per kg.


Center>Copyright Reuters, 2013


Index Closing Chg%
Arrow DJIA 17,798.49 0.08
Arrow Nasdaq 5,127.52 0.22
Arrow S&P 2,090.11 0.06
Arrow FTSE 6,375.15 0.28
Arrow DAX 11,293.76 0.24
Arrow CAC-40 4,930.14 0.32
Arrow Nikkei 19,883.94 0.30
Arrow H.Seng 22,068.32 1.87
Arrow Sensex 26,128.20 0.65

Wholesale Camping Equipment from China at 

New 2015 adidas and Nike Soccer Cleats at Kicks Corner uk

Ad Asia 2015

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln