Money Market Guru – India Tightens Gold Import Rules to Curb Trade Irregularities – India moved to curb gold-trade irregularities by preventing some trading houses from importing the metal following a surge in shipments in recent months.
Money Market Guru – It is festival time and television, social media and billboards are all splattered with advertisements of gold jewellery.
Gold prices rose by Rs80 to Rs30,830 per 10 gram on Thursday following uptick in festive season demand from jewellers and retailers at the domestic spot market amid a strong global trend. Silver too rallied by Rs235 to Rs41,300 per kg on higher offtake by industrial units and coin makers.
Money Market Guru — India plans to finalize trading specifications for the country’s new spot gold exchange in November amid a push to improve transparency in the world’s second-biggest bullion market, people familiar with the matter said.
Gold futures closed above $1,300 an ounce for the first time since November as the dollar dropped and speculation mounted that policy makers will be slow to raise U.S. interest rates.
Money Market Guru — Refined Gold prices were down 0.19% to end at Rs 28665 per 10 grams. The metal tested a high of Rs 29000 per kg and a low of Rs 28661 per 10 grams. Resistance for Refined Gold is at Rs 29200 per 10 grams. Support for Gold is at Rs 28500 per 10 grams.