World's second biggest bullion consuming nation India has allowed seven more private agencies to import gold on Wednesday.
NEW DELHI (Bullion Street): World's second biggest bullion consuming nation India has allowed seven more private agencies to import gold.
On Wednesday, the Central Bank of India allowed star trading houses, private jewellery exporters which had been barred from importing gold since July 2013, to resume imports, with immediate effect.
According to the officials, this move could increase supplies and reduce premiums in the peak wedding season.
Nation could quickly rise from current levels. This would help global prices, which dropped significantly by 28% in 2013, partly due to India's import curbs.
Struggling with a ballooning trade deficit, India in 2013 imposed a record high duty of 10% on overseas purchases of gold, the second-biggest item in its import bill, and introduced a rule tying import quantities to export levels.