2013 December

Govt eases norms for import of gold alloy

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On December 27, 2013

The Government, which is easing curbs on gold imports, will soon relax conditions for import of gold dore by refiners. This is in response to a sharp fall in gold imports over the past few months. Importers of gold dore — an alloy of gold and silver used for extracting

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Global gold prices likely to drop further in 2014

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On December 27, 2013

Gold is headed for a near-30 per cent slump in 2013, ending decade-old rally, prompted by rock-bottom interest rates and measures taken by global central banks to prop their economies. A rally in equities and optimism about a global economic recovery dented the yellow metal’s safe-haven appeal. Silver, too, is

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Gold recovers on Christmas demand, global cues

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On December 26, 2013

Snapping a two-day losing streak, gold prices recovered ` 125 to ` 30,175 per 10g in the national capital on Wednesday, on Christmas demand coupled with a firm global trend. Silver followed and gained ` 140 to ` 43,690 a kg on increased offtake by industrial units. Traders said besides

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Sharma for easing gold import norms to check smuggling

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On December 26, 2013

Advocating relaxation of gold import norms to check smuggling, Commerce and Industry Minister Anand Sharma said the government will take action at an appropriate time. "There is a mechanism to periodically review it (gold import norms). We will take an appropriate view as and when required," Sharma told PTI.The government

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RBI chief: No doubt gold smuggling will rise if import curbs continue

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On December 24, 2013

Gold smuggling into India will pick up if the import curbs continue for too long, the Reserve Bank of India chief Raghuram Rajan said in an interview to television channel CNBC Awaaz on Monday. India will keep a tight leash on gold imports despite a recent improvement in its trade

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Gold edges up on Fed’s stimulus move

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On December 23, 2013

Gold today rose from its lowest close in more than three years to pare a weekly loss that was spurred by the US Federal Reserve’s decision to begin tapering stimulus. Goldman Sachs Group said that bullion’s decline isn’t over as it heads for the biggest annual drop since 1981. Gold

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Jewellery drives India's trade with Hong Kong

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On December 23, 2013

The rise in the jewellery business is set to treble India’s trade with Hong Kong to $50 billion by 2020, Benjamin Chau, deputy executive director of the Hong Kong Trade Development Council (HKTDC), has said. Chau is on a tour to India to promote Asia’s largest trade exhibition, the HKTDC

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Commerce Ministry for easing gold import norms for exporters

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On December 23, 2013

Seeking to push exports, the Commerce Ministry has asked its Finance counterpart to ease restrictions on import of gold, imposed by the RBI. In a letter to Economic Affairs Secretary, Arvind Mayaram, Commerce Secretary S.R. Rao has asked him to “look into the matter (gold imports by exporters) and issue

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Even more smuggled gold enters India

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On December 23, 2013

In the biggest ever catch at the Hyderabad airport, customs officials have seized 18 kilograms of gold and arrested three people. Gold bars worth over $804,826 (Rs 50 million) were seized on Friday at the international airport from passengers trying to smuggle in the precious metal. The trio had arrived

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Sharp drop in November gold import bill

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On December 20, 2013

The value of India’s gold imports in November fell by over ` 29,900 crore, or 84 per cent, from the level in January after steps taken by the government to curb inward shipments of the metal. About 21,281 kgs of gold valued at ` 5,619.66 crore was brought into the

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