Gold importers start processing orders

Gold importers in India, the world’s biggest buyer of the metal, started processing orders to re-stock ahead of the peak wedding and festival season, after the customs department cleared the remaining consignments at a major airport.
* Gold imports into India had virtually stopped after a July 22 circular which tied domestic consumption to exports.
* “Deliveries are happening now… we will start re-intending based on the number of exports,” said a dealer with private bank that imports bullion.
* Most of the banks, the primary dealers of bullion, had been waiting for custom clearance of stocks lying at the Mumbai airport, before importing new lots on fears that stocks might get stuck again.
* Exports have begun, so jewellery makers are expected to replenish stock ahead of the peak Christmas season, traders said.
* “A government bank has told us to keep stocks ready, so it’s a just a matter of time for imports to re-start,” a official with a foreign bank, which supplies bullion to India.
* At 11:25 GMT, the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.89 percent higher at 29,347 rupees per 10 grams.
* Silver for December delivery on the MCX was 0.86 percent higher at 48,610 rupees per kg.
* The following were the prices of gold and silver in rupees as of 1615 local time in the spot market, quoted by HDFC Bank
Source: Bullion Bulletin

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