Government restricts import of gold, silver in powder, unwrought forms
- Gold prices witnessed a muted trend and rose marginally by ₹8 to ₹38,828 per 10 gram in Delhi
- Gold, silver in powder and unwrought forms are mainly used for industrial purposes and not for jewellery making
India on Wednesday restricted imports of gold and silver in the powder and unwrought forms, the government said in a notification.
The world's second biggest gold consumer fulfils most of its requirement through imports.
Gold and silver in powder and unwrought forms are mainly used for industrial purposes and not for jewellery making, industry officials said.
Meanwhile, gold prices witnessed a muted trend and rose marginally by ₹8 to ₹38,828 per 10 gram in Delhi according to HDFC Securities. In the previous trade, it had closed at ₹38,820 per 10 gram.
"Spot gold for 24 Karat in Delhi was trading marginally up by ₹8 witnessing monotonous trading with rupee fluctuations," said Tapan Patel HDFC Securities Senior Analyst (Commodities).
The rupee was trading around 10 paise weaker against the dollar during the day, he added.
Silver also moved up by ₹14 to ₹45,649 per kg against previous close of ₹45,635 per kg.
In the international market, both gold and silver were trading with gains at $ 1,476.90 per ounce and $17.01 per ounce, respectively.
"Global markets are awaiting fresh triggers as investors are still pessimist over the US-China trade truce as final deal may take longer time with completion of pledged action in phase 1 deal," he said
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