The Phaserl


Gold premium slides as Indian banks boost imports

by Shivom Seth,

With gold imports into the country easing, a noticeable fall has been seen in spot premia. Last week, banks have imported around seven to nine tonnes of gold. Jewellers are heaving a sigh of relief, since the premium for physical delivery has fallen to $10 to $20 per ounce.

At Mumbai’s Zaveri Bazaar, spot prices have fallen below $456 (Rs 27,000) per 10 gram. Retailers said the market has already started discounting the cuts in import duty expected in the Union Budget to be announced early next month.

Gold prices are also likely to drop further, precipitated by a number of factors. Internationally, signs of a stronger US economy have diminished the gold’s safe haven status, and money is being diverted to investments such as equities, said CP Krishnan of Geojit Commtrade, a commodity trading outfit.

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