Articles Tagged "india"

India to Allow Citizens to Deposit Gold in Banks

Bloomberg reported that India plans to allow citizens to earn interest by depositing gold in banks. The move is reportedly aimed at reducing the country's imports by "tapping idle bullion lying with households."

Gold Bear Market Could End in 2015

According to Mineweb, Metals Focus says that the bear market for gold could come to an end in 2015. While most analyst reports saw India coming out on top in terms of gold demand - for example, Thomson Reuters GFMS and the World Gold Council - Metals Focus saw China as the leader for gold demand.

Indian Gold Imports Could Hit 150 Tonnes in March

BullionStar's Koos Jansen reported that preliminary data shows that India has already imported more than 130 tonnes of gold this month. Total gross imports for March could reach 150 tonnes, as per a "conservative estimate."

Gold Smuggling in India on the Rise

Mining.com reported that import restrictions and higher tariffs have led to an increased amount black market gold being smuggled into India. The number of gold seizures rose to 3,412 cases in the first 10 months of fiscal 2015 for a value of approximately $150 million, compared to 2,450 cases during 2014, according to Kitco.

Gold Price Up Following Fed Meeting After Hitting Four-month Low

Gold bugs hoping for good news from the precious metals space will have been disappointed again. Prices dropped to a four-month low, hitting about $1,143.40 per ounce during Tuesday trading hours before settling around $1,149.10, down about half a percent from the previous day's close.

Indian Consumers Hold Off on Purchasing Gold

Reuters reported that an expected cut in import duty and a likely drop in local prices has consumers in India holding back on gold purchases, but dealers are hopeful the upcoming wedding season will help them secure purchases.