Market Update

Market Watch

Saturday, 2 November 2013

Mcx Market Alert: Gold Import Will Remain Compressed

After the continuous supply of gold, Finance Minister of India   P.Chidambaram today said that the inward shipment of the precious metal will remain severely compressed in the current fiscal. Gold imports rose to 23.5 tonnes in October from 11.164 tonnes in September.

Gold fell about 1 percent on Friday, posting its biggest weekly loss in seven weeks, as renewed anxiety about the U.S. Federal Reserve could scale back its bond-buying stimulus prompted bullion investors to reduce positions. Gold prices fell sharply in mid-April - about $200 an ounce in two days - prompting strong pent-up demand in Asia for jewellery, bars and coins.

SPDR Gold Trust, the biggest gold-backed ETF, has seen outflows of over $20 billion this year, weighing heavily on global prices. Holdings of the fund are near four-year lows.

Import duty on gold has been hiked by the government in third revision this year in a bid to curb the surging imports and burgeoning CAD.

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