2013 August

It's Syria v/s Global Economy for gold by Mr. Prithviraj Kothari, MD, RSBL

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On August 31, 2013

Gold prices rallied above $1,430 an ounce to 3-1/2 month highs on Wednesday as rising tensions over Syria sparked safe-haven demand and a scramble among investors to cut their bets on falling prices The metal hit a peak of $1,433.31 an ounce, its highest since May 14, as the United

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Govt hikes gold import tariff value to $461 per 10 gms

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On August 31, 2013

The government today raised the import tariff value of gold to $ 461 per ten grams and of silver to $ 803 per kg as prices of the precious metals touched all-time high this week. Tariff value — the base price on which the customs duty is determined to prevent

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Govt plans to set up bullion bank to mobilise idle gold

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On August 31, 2013

Government and Reserve Bank of India (RBI) are seriously looking at buying idle gold from investors and routing that to jewellers to replace imports.To facilitate this, a proposal is under active consideration of the government of india and the RBI to set up a Bullion Bank or the Bullion Corporation

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No plan to buy back gold: Govt

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On August 31, 2013

Finance ministry today said that there is no proposal currently to allow the banks to buyback gold from the general public to take help the plunging currency. “I’ve learnt of this from media (gold buyback from public)… I’m not aware of any such thing” said Rajiv Takru, financial services secretary

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Gold is the best safe haven for Indian savers and they know it

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On August 30, 2013

The Indian rupee is down more than 25 per cent this year alone but gold is trading at a record price today in this currency. That’s what you call a safe haven investment. Perhaps that’s why demand for the yellow metal remains relatively high in India despite the price surge

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Govt might buy gold from citizens

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On August 30, 2013

India is considering a radical plan to direct commercial banks to buy gold from ordinary citizens and divert it to precious metal refiners in an attempt to curb imports and take some heat off the plunging currency. A pilot project will be launched soon, a source familiar with the Reserve

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RBI should consider monetising gold: Sharma

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On August 30, 2013

(Reuters) - The Reserve Bank of India (RBI) should look into the possibility of monetising gold holdings, Trade Minister Anand Sharma said on Thursday, in the latest proposal aimed at combating a yawning current account deficit that has hammered the rupee.It was not immediately clear whether Sharma was referring to

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Gold rallies further on weak rupee; silver climbs 7-month high

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On August 29, 2013

Gold prices continued to soar at the domestic bullion market today to notch up another all-time record high of ` 33,265 per 10 grams amid stockists and investor off—take on the back of uninterrupted slide in rupee, supply restriction as well as higher overseas cues. Silver also marched ahead to a seven-month

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After rupee plunge, FM may find some relief on rising gold prices

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On August 29, 2013

Vilas Sharma, a small time businessman from Madhya Pradesh, just sold off a portion of his household gold to make some quick money to meet his ailing mother's medical expenses. Far away in Mumbai, AnujPandey, an accountant with a private firm, sold off some gold coins to take advantage of

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Rupee’s slide creates huge disparity between gold sold in local markets and bourses

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On August 29, 2013

The fall in the rupee to a record low has created a neverbefore-seen price skew between gold sold in local markets and that traded on commodity futures exchanges like MCX. This has exposed bullion dealers and jewellers hedging on exchanges to huge losses as prices in the local market lag

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