AGL 38.15 Increased By ▲ 0.90 (2.42%)
AIRLINK 121.51 Decreased By ▼ -2.51 (-2.02%)
BOP 5.85 Increased By ▲ 0.23 (4.09%)
CNERGY 3.75 Increased By ▲ 0.03 (0.81%)
DCL 8.40 Increased By ▲ 0.15 (1.82%)
DFML 40.89 Increased By ▲ 0.62 (1.54%)
DGKC 84.60 Decreased By ▼ -1.14 (-1.33%)
FCCL 32.70 Increased By ▲ 0.10 (0.31%)
FFBL 65.50 Decreased By ▼ -1.00 (-1.5%)
FFL 10.05 Decreased By ▼ -0.11 (-1.08%)
HUBC 103.80 Increased By ▲ 0.70 (0.68%)
HUMNL 13.25 Decreased By ▼ -0.15 (-1.12%)
KEL 4.43 Increased By ▲ 0.18 (4.24%)
KOSM 7.09 Decreased By ▼ -0.09 (-1.25%)
MLCF 37.50 Decreased By ▼ -0.80 (-2.09%)
NBP 60.25 Decreased By ▼ -4.76 (-7.32%)
OGDC 172.25 Decreased By ▼ -1.55 (-0.89%)
PAEL 24.80 Decreased By ▼ -0.10 (-0.4%)
PIBTL 5.70 Decreased By ▼ -0.10 (-1.72%)
PPL 141.69 Decreased By ▼ -1.01 (-0.71%)
PRL 22.72 Decreased By ▼ -0.26 (-1.13%)
PTC 14.74 Decreased By ▼ -0.37 (-2.45%)
SEARL 64.56 Decreased By ▼ -0.79 (-1.21%)
TELE 7.14 Increased By ▲ 0.14 (2%)
TOMCL 35.50 Decreased By ▼ -1.41 (-3.82%)
TPLP 7.29 Decreased By ▼ -0.05 (-0.68%)
TREET 14.20 Decreased By ▼ -0.08 (-0.56%)
TRG 51.75 Increased By ▲ 2.05 (4.12%)
UNITY 26.60 Increased By ▲ 0.45 (1.72%)
WTL 1.22 Decreased By ▼ -0.02 (-1.61%)
BR100 9,483 Decreased By -118.3 (-1.23%)
BR30 28,371 Decreased By -202.1 (-0.71%)
KSE100 88,967 Decreased By -1319.8 (-1.46%)
KSE30 27,827 Decreased By -515.9 (-1.82%)

imageMUMBAI: Gold futures in India fell more than half a percent, weighed by a stronger rupee and weak overseas leads, though premiums in the domestic market stayed on the higher side due to a lack of stocks.

At 1105 GMT, the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.48 percent lower at 30,090 rupees per 10 grams, after falling to a low of 30,055 rupees earlier in the session.

Silver for December delivery on the MCX was 1.3 percent lower at 43,699 rupees per kg.

In the domestic market, premiums stayed at about $125 an ounce on London prices, due to limited supplies after the new 80/20 import rule.

"Demand is less than 20-25 percent compared to last year. There is a supply problem and premium is hovering around $120-125 an ounce. I don't think there will be an improvement in this situation until rules are relaxed," said Bachhraj Bamalwa, director at the All India Gems and Jewellery Trade Federation.

To ease its trade deficit, India has made it more expensive to bring in gold, the biggest non-essential import item, by setting the import duty at a record high 10 percent.

It has also tied the quantity of imports to exports, making it necessary for importing agencies to fulfil export orders before sending any bullion for local consumption.

The World Gold Council (WGC) cut its forecast for Indian gold demand earlier this month to 900 tonnes from the earlier 1,000 tonnes, predicting that the country could also lose its place as the world's biggest consumer of bullion to China.

Comments

Comments are closed.