Gold sells at a discount after 3 months, with introduction of import curbs

In October, gold import fell 16% to $2.94 bn, which works out of to around 75 tonnes

The price of gold has again started quoting at a discount here, perhaps for the first time in three months, following increased import. The metal is quoting at a discount of about $1 an ounce.

On October 18, the Directorate General of Foreign Trade had restricted star export houses from importing gold, allowing it only if they then process it into jewellery for onward export. Beside, their licences as nominated agencies, to import on behalf of third parties, isn't valid any more.

However these houses have found an official way to circumvent this order. They’re buying special incentive Duty Credit