Download our mobile app to 
your devices
Android devicesiOS devices
Holiday Pricing ScheduleFREE TRIALCompliance CentreAbout UsContact Us
MarketsNews
Non-ferrous
Non-ferrous
Base Metals
Rare Earth
Scrap Metals
Minor Metals
Precious Metals
Ferrous Metals
Ferrous Metals
Iron Ore IndexIron Ore PriceFinished SteelCokeCoalPig IronSilicon Steel
New Energy
New Energy
SolarLithiumCobaltTernary Precursor and MaterialAnode MaterialsChemical CompoundLithium-ion BatteryUsed Lithium-ion BatterySodium-ion BatteryHydrogen EnergyEnergy Storage
DashboardDatabaseProReportsEventsCar Insight
Home / Metal News / Gold Premium in India declines to $20 per Oz

Gold Premium in India declines to $20 per Oz

iconJun 9, 2014 21:41
Source:SMM
The Reserve Bank of India’s (RBI) move to ease gold import norms by allowing star and premier export houses to trade-in the yellow metal has started showing results.

 Author: Paul Ploumis09 Jun 2014 Last updated at 08:28:22 GMT

 
NEW DELHI (Scrap Monster): The Reserve Bank of India’s (RBI) move to ease gold import norms by allowing star and premier export houses to trade-in the yellow metal has started showing results. The import flow has gained momentum, sending the spot premium on gold to lower levels. The premium for physical delivery during the week fell to $20 per Oz over spot LME from $30-$40 per Oz during last week.
 
The government is yet to clarify on whether the gold import duties will be reduced. Analysts however feel that the government may not immediately go ahead with duty cuts, as low gold imports still remains the main weapon in their armory to fight rising CAD. Meanwhile government sources indicate the possibility of 2% to 4% cut on heavy gold import duty structure to be announced in the maiden budget of the newly elected government.
 
The gold industry in the country also believes that pro-Gold Modi-led government is bound to make changes to the existing gold policy. They cite the earlier statement made by him during election campaigning that any action on gold should take into account the interests of the public and traders, not just economics and policy.
 
According to industry experts, relaxation of gold import duties may not lead to further fall in gold premiums, as market has already started discounting for the gold import duty cuts.
 
Meanwhile, spot gold prices in India have fallen to sub-Rs.27,000 per 10 grams, touching 11-month low.
 
gold prices
gold futures
gold premium
gold demand
jewellery
supply
RBI
80:20
gold import norm
BJP

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news

SMM Events & Webinars

All
MOST POPULAR
1.Research On The Supply Chain Of Aluminum Anti-collision Beams For Automobiles
2.Aluminum Wire Supplier Screening
3.Cost Analysis Of AL Extrusion For Target Units
4.Research On The Sustainable Development Layout Of Key Players(Foil, Roll, Plate)
5.Optimization Of Purchasing Cost For Casting Alloys
Shanghai Metals Market
Privacy PolicyCompliance CentreSMM Credit ServiceContact UsAbout UsTerms & ConditionsSitemapHoliday Pricing Schedule
Notice: By accessing this site you agree that you will not copy or reproduce any part of its contents (including, but not limited to, single prices, graphs or news content) in any form or for any purpose whatsoever without the prior written consent of the publisher.
Drop us a line
service.en@smm.cn
How can we help you?
+86 021 5155-0306
Live chat via WhatsApp
Copyright © 2024 SMM Information & Technology Co., Ltd. All rights reserved.