India will weigh the impact of last month’s easing of gold import rules after inbound shipments jumped 38% in November to push its trade deficit to an 18-month high, Trade Secretary Rajeev Kher said on Tuesday.
In a surprise move, the world’s second-biggest gold consumer scrapped a rule for traders to export 20% of all gold imports, belying expectations for tighter curbs instead.
After the change, gold imports surged to 151.58 tons in November, an increase of 38% from 109.55 tons a month earlier, trade ministry data showed on Tuesday.
On Tuesday, December 16, the day’s biggest mover was Indian gold bullion, which saw a 4.0% increase to INR 28,301 ($445.88) per 10 grams. Chinese gold bullion prices saw a 1.8% decline to CNY 238.45 ($38.52) per gram. US gold bullion ended the day at $1,194 per ounce, after the 1.7% drop on Tuesday. Japanese gold bullion saw little change in its price yesterday at JPY 4,645 ($39.45) per gram.
Declining prices continue for Chinese silver. It closed at CNY 3,490 ($563.78) per kilogram only after falling further, this time by 3.1%. Indian silver finished the day down 0.9% to INR 38,569 ($607.65) per kilogram. The price of Japanese silver remained essentially flat at JPY 638.00 ($5.42) per 10 grams. The price of US silver held steady at $16.89 per ounce.
US platinum bar closed 1.5% lower at $1,199 per ounce. After falling 1.2%, prices settled at CNY 257.00 ($41.52) per gram, driving an accelerated drop-off since Wednesday, December 10. Today marks the fifth day in a row of declining prices for Chinese platinum bar. After a couple of days of decreasing prices, the price of Japanese platinum bar held steady at JPY 4,653 ($39.52).
US palladium bar prices declined 1.2%, settling at $796.00 per ounce. For the fifth day since Wednesday, December 10, the drop-off has accelerated. Following a quiet couple of days, the price of Chinese palladium bar fell 1.1% yesterday to CNY 178.00 ($28.75) per gram. Japanese palladium bar held its value on Tuesday at JPY 3,105 ($26.37) per gram.