Gold traders put off purchases; prices at 3 week high
Gold imports into India, the world's biggest buyer of the metal, fell about 81 percent on month to 31.5 tonnes in June after the government raised import duty and stopped consignment imports.
July 17, 2013 / 08:33 IST
Gold traders in India, the world's biggest buyer of the metal, refrained from stocking up in a seasonally slack demand period, as prices stayed near their highest level in three weeks.
Also Read: History shows gold could fall another $500/ozGold imports into India, the world's biggest buyer of the metal, fell about 81 percent on month to 31.5 tonnes in June after the government raised import duty and stopped consignment imports."There is no demand... even supplies are limited," said Harshad Ajmera, proprietor of wholesaler JJ Gold House, adding there could be some demand if prices fall below Rs 26,000.Most of the demand is met by state-run trading houses like MMTC, STC and PEC, and banks, the primary dealers of bullion, are waiting for fresh guidelines from the central bank on imports on outright payment basis.At 3:30 p.m., the actively traded gold for August delivery on the Multi Commodity Exchange (MCX) was 0.32 percent up at Rs 26,520 per 10 grams, not far from a high of Rs 26,573 in the previous session, a level last seen on June 24.Silver for September delivery on the MCX was 0.12 percent higher at Rs 40,999 per kg. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
