We may see a change rather quickly, as “the Indian government could review restrictions on gold imports, which include a record 10 percent import duty, by the end of this year, Finance Minister P. Chidambaram said on Monday,” reports Reuters.
“Chidambaram did not say whether he was referring to the calendar or fiscal year but revenue secretary Sumit Bose said later that the review could come by the end of March.”
“India, which used to be the world’s biggest buyer of bullion, clamped down on gold imports last year after concerns over a bloated current account deficit.”
“Imports in December were higher than in November, Bose added.”
In metal price news for precious metals…
With a 3.9 percent increase on Friday, January 24, Indian gold bullion was the biggest mover on the Global Precious Metals MMI®. After falling for two days, the price of US gold bullion rose 2.2 percent. Following a 1.6 percent rise last Friday, the price of Chinese gold bullion closed. Japanese gold bullion finished the day down 0.6 percent.
Japanese silver fell 2.4 percent last Friday. The price of Indian silver increased 1.1 percent. The price of US silver rose 1.1 percent after a two-day drop. Following a two-day drop, the price of Chinese silver increased by 0.9 percent.
The price of Japanese platinum bar declined 1.0 percent. Following a couple days of improvement, the price of US platinum bar weakened by 0.1 percent. The price of Chinese platinum bar remained steady.
The price of Japanese palladium bar finished the market day up 1.9 percent per gram. US palladium bar ended the day, after the 0.3 percent drop last Friday. Chinese palladium bar saw little change in its price last Friday.