Indian gold importers expect the customs department to clear remaining shipments stuck at airports later in the week, while some banks have already restarted imports, easing supply pressures and prices in the domestic market. Also Read: Gold gains as US shutdown looms Gold shipments into India, the world's biggest buyer of the metal, came to a virtual halt after the Reserve Bank of India told importers on July 22 that a fifth of their purchases would have to be turned around for export and 80 percent would be available for domestic use. The new rule created confusion among government officials, prompting the commerce ministry to hold a high-level meeting to sort out the confusion and clear all shipments lying at airports. "Finally, our shipments are under clearance after two months. We should come to know about its fate by tomorrow evening...," said a dealer with a private bank in Mumbai, adding "we have orders in the pipeline and will start processing them". Exporters are scrambling for stocks ahead of the peak Christmas season in the United States, though premiums in the spot market eased to USD 5-7 an ounce as against USD 40 seen earlier in the month.
30/09/13 moneycontrol.com
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30/09/13 moneycontrol.com
