Indian gold premiums ease as supplies rise - Indian Express

Reuters : Mumbai, Thu May 23 2013, 16:20 hrs Indian gold futures jumped more than a percent aided by a weaker rupee and firm global trends. (Reuters) Indian gold futures jumped more than a percent on Thursday aided by a weaker rupee and firm global trends, while premiums on physical gold eased due to some supply from bullion importing agencies. The Reserve Bank of India restricted banks from consignment imports of the yellow metal, except for jewellery exporters, after imports in April jumped more than 150 percent, despite a 50 percent hike in import duty in January. "Supplies are good now from the nominated agencies, premiums have come down to $4-5 (an ounce)," said Mayank Khemka, managing director with Khemka Group, a bullion wholesaler. Premiums jumped to as high as $15 an ounce last week. Nominated agencies like MMTC, State Trading Corp. and PEC are controlled by the trade ministry. STOCK MARKETS LINKS * BSE Sensex * NSE Nifty * Top Gainers/Top Losers * Top Value * Top Quantity * Best Performing Mutual Funds The actively traded gold for June delivery on the Multi Commodity Exchange (MCX) was 1.41 percent higher at 26,330 rupees per 10 grams. Global gold climbed off session lows on Thursday after weak Chinese factory activity jolted stock markets in Asia. The rupee, which hit its lowest level in more than eight months, plays an important role in determining the landed cost of the dollar-quoted yellow metal. Silver for July delivery on the MCX was 0.33 percent lower at 43,367 rupees per kilogram. ALSO READ Indian market infrastructure among world's best: Sebi chief U K Sinha No need for nervousness, Chidambaram assures stock markets BSE Sensex slides as US stimulus worries spark outflows debate Japanese markets in worst rout in 2 years, Nikkei dives 7.3%, Topix 6.9% Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFdFYNg-AMGJBOBhGAQezrKhhxcvQ&url=http://www.indianexpress.com/news/indian-gold-premiums-ease-as-supplies-rise/1119659/

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