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Gold buying muted after RBI measure

The central bank yesterday banned gold imports through consignment to moderate demand

Reuters  |  Mumbai 

Gold buying in India, the world's biggest buyer of the metal, came to a halt on Tuesday, a day after the central bank restricted gold imports on consignment basis and jewellery sellers saw a sharp rise in festival sales. Yesterday, the Reserve Bank of India (RBI) banned gold imports through consignment, and traders awaited for more clarity from the central bank. Gold and silver imports rose 138 per cent in value terms to $7.5 billion, data from the trade ministry showed, increasing pressure on the current account balance. "People are squaring off their older consignments, we ...

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First Published: Tue, May 14 2013. 22:32 IST
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