2013 November

Govt slashes tariff value on imported gold & silver

The government today slashed the import tariff value on gold and silver to $405 per ten gram and $642 per kg, respectively, in line with global trends. The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. The tariff value on imported

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Smuggled gold has its own price in India

Gold merchants in the state of Kerala in India could be setting a trend of sorts with their dual pricing system. Two organisations in the Southern state are bringing out separate rates for daily sale at retail points. Market traders say the move is an upshot of the spurt in

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Gold purchases: China to surpass India

Gold purchases in China will surge 29% in 2013, to a record 1,000 tons, according to the median of 13 estimates from analysts, traders and gold producers in the country surveyed by Bloomberg News. China's purchases of gold climbed 30%, to 996.3 tons, in the 12 months through September, while

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Call to rollback gold import duty to 5% gathers momentum in India

Jewellers across India are in a quandary. Even as gold prices jumped by $3.52 (Rs 220) to $509 (Rs 31,720) per ten grams in Mumbai on November 27, given the ongoing marriage season demand and amidst a firm global trend, large jewellers across the nation are struggling given their severe

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State gold importers refrain from bulk sale

The state trading corporations importing gold are increasingly refraining from bulk sale to few parties. According to officials close to the development, the trading corporations are not even selling to same party for both import and export. In order to curb import of gold, the RBI has made it mandatory

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Gold Up Amid Weak Dollar

The price of gold was moving higher Wednesday morning with the US dollar trading weak versus a basket of currencies ahead of today's macroeconomic data. Gold for February delivery, the most actively traded contract, added $9.50 to $1,251.00 an ounce. Yesterday, gold settled almost flat on value buying, after suffering

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Everyone can now Invest in Bullion with a Gold Accumulation Plan

The prices of gold and silver are reaching meteoric heights, making it difficult for the average man to own them – whether for use or for investment. Every household has its means of saving up to invest in these precious metals. It would be a good idea to keep abreast

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Have a Bullion Silver Plan in Your Portfolio

Over the years, people have come to appreciate the importance of investing in precious metals, especially in silver. The best way to make these a worthwhile investment is to purchase bullion as assets. It may seem intimidating, considering the premium at which such silver sells. But in the long run,

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Gold Recovers From 4-month Low

After suffering losses in recent sessions, gold was recovering from its four-month low Tuesday morning on value buying with the US dollar paring recent gains ahead of today's macroeconomic data. Gold for December delivery, the most actively traded contract, gained $10.70 to $1,251.90 an ounce. Yesterday, gold settled lower, losing

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Smuggling bust casts pall on jeweler

The Directorate of Revenue Intelligence (DRI) has made a breakthrough in a gold smuggling case, after it arrested a director of a jewellery chain in Kerala. It informed the additional chief judicial magistrate, or ACJM, economic offences, Ernakulam, that evidence had been found against the chain. Ashraf, director of the

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