The Hindu Business Line : Gold trading comes to a halt as Govt liberalises imports

The Union Commerce Minister, Mr Arun Jaitley, while announcing modifications in the Exim Policy, said the Government had removed quantitative restrictions on import of gold and silver; and announced a Gold Card Scheme for exporters for cheap export credit.

Majority of traders were awaiting the announcement by the Reserve Bank of India (RBI) regarding documentations. As per the notification, imports will permitted subject to the RBI's regulation.

"Trading in gold was suspended this evening after the announcement came as there is confusion about permission of gold imports by NRIs. Standard gold price was quoted around Rs 6,125 per 10 gm today late evening," a local dealer said.

"This announcement has not impacted local gold prices much. Now, anybody can import gold and silver. Landing cost will come down by one per cent, a result of liberal policy announced by the Government," Mr Madhusudan Daga, an analyst, told Business Line.

Standard mint gold opened steady at Rs 6,100 per 10 gram. After the announcement regarding removal of quantitative restriction on gold and silver, the yellow metal increased to Rs 6,125 per 10 gm, but still down Rs 30 over previous close.

Gold .999-fineness it increased by Rs 30 at Rs 6,165 per 10 gm over previous day's close.

Silver .999-fineness opened firmer by Rs 130 at Rs 9,855 per kg over previous day's close. It strengthened further in the later part of the day on some local buying enquiries from traders and ended at Rs 9,895 per kg, up by Rs 170 over Tuesday's close, following the firming global trend.

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