Gold reverses from one-week low

Gold futures reversed from their lowest level in a week on Tuesday, helped by foreign markets, though a stronger rupee kept the upside limited. At 3:20 pm, the most-active gold for December delivery on the Multi Commodity Exchange was 0.11 per cent higher at Rs 30,084 per 10g, after hitting a low of Rs 29,954, a level last seen on November 13.

The physical market has witnessed lack of activity, as exporters were given priority in shipments under the new rule. India has imposed supply restrictions on gold, the biggest non-essential import item, by linking domestic consumption to exports to curb a record trade deficit. The Union government has also raised the import duty to a record 10 per cent.