 "Gold premiums down with lack of action on expected import curbs")
Despite a series of meetings at the Union ministry of finance in the past fortnight, the much-discussed import curbs on gold have yet been announced. As a result, the high premiums for physical delivery of gold have corrected — they’re down by almost half, from $25 an ounce a fortnight earlier to $13 now.
Market observers said there was enough supply as of now, due to higher imports in September and October, of 98 tonnes and 113 tonnes, respectively. In dollar terms, the import bill for these two months was $7.93 billion, which had raised speculation on for import curbs.
Imports have been high in November, too, though not as much as the previous two months. The price at the spot market here on Monday has closed only Rs 10 higher at Rs 26,700 for 10g. Silver closed at Rs 37,300 a kg.
Market observers said there was enough supply as of now, due to higher imports in September and October, of 98 tonnes and 113 tonnes, respectively. In dollar terms, the import bill for these two months was $7.93 billion, which had raised speculation on for import curbs.
Imports have been high in November, too, though not as much as the previous two months. The price at the spot market here on Monday has closed only Rs 10 higher at Rs 26,700 for 10g. Silver closed at Rs 37,300 a kg.