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Gold premiums hit record in India

Banks, the primary dealers of bullion, are currently importing the yellow metal chiefly for exporters

Reuters  |  Mumbai 

Gold premiums in India, the world's biggest buyer of the precious metal, hit a record $100 an ounce, about 8 percent over London prices, on a shortage of supplies to meet festival demand, traders said on Tuesday. Banks, the primary dealers of bullion, are currently importing the yellow metal chiefly for exporters, as under the so-called 80/20 principle, jewellery exporters get priority for supplies over domestic manufacturers. The principle, part of a package of measures announced in July aimed at cutting India's current account deficit by reducing gold imports, states ...

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First Published: Tue, October 15 2013. 19:51 IST
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