Even as Chennai gold price witnessed some attractive offers thanks to New Year sale by leading jewellers, there is more good news from the Reserve Bank of India.
For, the country's apex bank has partly eased restrictions on import of gold dore. The central bank has allowed refineries to import 15 per cent of their gross annual requirement in first two months and remaining as per export performance.
In a communication to banks, RBI said, "Refineries are allowed to import dore up to 15 per cent of their gross average viable quantity based on their license entitlement in the first two months for making this available to the exporters on First in First out (FIFO) basis."
"Subsequent to this, the quantum of gold dore to be imported should be determined lot-wise on the basis of export performance," added the communication. The statement from RBI said further: "The dore so imported shall be refined and shall be released based on FIFO basis following 20:80 principle".
This announcement from the apex bank has given cheer to those in the trade and traders in the south feel that Chennai gold price will come down further thanks to the movie. "The benefit will be passed on to customers and they will be all the more happy if Chennai gold price is reduced," says a trader at T Nagar, the shopping hub of the capital city of Tamil Nadu.
There were lot of representations from the industry to the Central government and the Reserve Bank of India, following which the norms for dore have been relaxed.
Meanwhile, the Bombay Bullion Association has said that, gold jewellery imports have surged suddenly to over 20 tonnes in the October-December period of 2013.This, according to the association, is because of import curbs on gold bars and coins by the government of India. According to the Association's past-president Suresh Hundia, "For the first time, gold jewellery imports have picked up suddenly this year. Total imports are estimated to be more than 20 tonnes in October-December of 2013."
Suresh Hundia further stated that jewellery makers are facing shortage as recent curbs have made bullion imports difficult. They have resorted to jewellery imports to meet domestic demand. In the meantime, as the new year dawned, gold prices witnessed a rise in Asia on Thursday (January 2), starting trade in the region. The trade was only started on Thursday, as markets were closed on Wednesday since January 1, the New Year Day, is a public holiday in India.
Gold futures for February on the Comex division of the New York Mercantile Exchange delivery traded at USD1, 204.60 a troy ounce during U.S. trading. This was up 0.18%.
It is to be noted that rates of gold were traded last in a range between USD1, 202.80 a troy ounce and USD1, 205.30 a troy ounce. As the year 2013 came to a close, gold prices were finished contracting by about 29 per cent, which would be the steepest decline for the yellow metal since 1981.
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For, the country's apex bank has partly eased restrictions on import of gold dore. The central bank has allowed refineries to import 15 per cent of their gross annual requirement in first two months and remaining as per export performance.
In a communication to banks, RBI said, "Refineries are allowed to import dore up to 15 per cent of their gross average viable quantity based on their license entitlement in the first two months for making this available to the exporters on First in First out (FIFO) basis."
"Subsequent to this, the quantum of gold dore to be imported should be determined lot-wise on the basis of export performance," added the communication. The statement from RBI said further: "The dore so imported shall be refined and shall be released based on FIFO basis following 20:80 principle".
This announcement from the apex bank has given cheer to those in the trade and traders in the south feel that Chennai gold price will come down further thanks to the movie. "The benefit will be passed on to customers and they will be all the more happy if Chennai gold price is reduced," says a trader at T Nagar, the shopping hub of the capital city of Tamil Nadu.
There were lot of representations from the industry to the Central government and the Reserve Bank of India, following which the norms for dore have been relaxed.
Meanwhile, the Bombay Bullion Association has said that, gold jewellery imports have surged suddenly to over 20 tonnes in the October-December period of 2013.This, according to the association, is because of import curbs on gold bars and coins by the government of India. According to the Association's past-president Suresh Hundia, "For the first time, gold jewellery imports have picked up suddenly this year. Total imports are estimated to be more than 20 tonnes in October-December of 2013."
Suresh Hundia further stated that jewellery makers are facing shortage as recent curbs have made bullion imports difficult. They have resorted to jewellery imports to meet domestic demand. In the meantime, as the new year dawned, gold prices witnessed a rise in Asia on Thursday (January 2), starting trade in the region. The trade was only started on Thursday, as markets were closed on Wednesday since January 1, the New Year Day, is a public holiday in India.
Gold futures for February on the Comex division of the New York Mercantile Exchange delivery traded at USD1, 204.60 a troy ounce during U.S. trading. This was up 0.18%.
It is to be noted that rates of gold were traded last in a range between USD1, 202.80 a troy ounce and USD1, 205.30 a troy ounce. As the year 2013 came to a close, gold prices were finished contracting by about 29 per cent, which would be the steepest decline for the yellow metal since 1981.
For more details;
Contact,
Chennai.GoldrateLive.Com is continually growing, and to ensure that we are always giving you exactly what you want we would love to hear any feedback you may have. It may be about our website, our service, or any new features you would like to see us include
+91 99623 60756
enquiry@goldratelive.com
http://www.chennai.goldratelive.com
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