MUMBAI: Indian gold futures edged higher from their lowest level in a month, helped by global leads and a weaker rupee at home, while banks, the primary dealers of bullion, awaited policy direction after the government restricted imports on a consignment basis.
At 0830 GMT, the actively traded gold for June delivery on the Multi Commodity Exchange (MCX) was 0.57 percent higher at 26,238 rupees ($480) per 10 grams, after hitting a low of 25,373 rupees in the previous session, a level last seen on April 18.
India, the world's biggest buyer of the metal, banned gold imports on a consignment basis except for jewellery exporters and in January raised the import duty on gold by 50 percent to 6 percent.
"We have no clue how to import," said a dealer with a private bullion importing bank in Mumbai.
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