11.11.2015 - Indian gold moves back to premium against dollar spot prices
Gold bars imported into India moved back Tuesday to a premium against dollar spot prices for the first time since August as demand continued to rise before Diwali, sources said. "The rise in Indian premiums is a result of both higher demand coming in on the back of lower dollar prices, and a further reduction in custom duties for imported gold," one Ahmedabad based refiner told Platts. The variable import duty was cut to Rupee 2,413/10 grams ($112.99/oz) from Rupee 2,543.33/10 grams last week. "Everything has been all good since October 23 when the market started buying. From November 11, India will be closed for a good four days because of Diwali -- but business will come back starting November 16," said another refiner...............................................Full Article: Source
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