The RBI eased tough gold import rules on Wednesday by allowing seven more private agencies to ship the precious metal, a move that industry officials say could augment supplies and reduce premiums in the peak wedding season.
Shares in Titan Co Ltd(TITN.NS) surged on Thursday after the Reserve Bank of India (RBI) eased gold import rules by allowing seven more private agencies to ship the precious metal. The stock was trading up 10.2 percent as of 9:25 a.m.
India's gold demand is likely to pick up in the second half of the year as curbs on bullion imports are expected to be eased by the country's new government, the World Gold Council (WGC) and other industry officials said on Tuesday.
Gold demand in major consumers China and India fell in the first quarter from the previous year's record levels, the World Gold Council said on Tuesday, though a drop in sales from bullion-backed investment funds kept overall demand steady.
Gold extended losses to a third straight session on Monday as U.S. data pointed to strong economic growth, while platinum group metals continued to add to gains on supply worries from South African labour strikes.
Platinum and palladium on Wednesday retained sharp gains made overnight on worries that increasing labour tensions in major producer South Africa could hurt supply, while gold edged up on escalating violence in Ukraine.
Government officials have played down reports that the Archaeological Survey of India's (ASI) excavation work at Daundia Khera village of Unnao district in Uttar Pradesh on Friday for finding hidden treasure was based on a dream by a seer.
Despite Indian Finance Minister P. Chidambaram's oft-repeated appeal to desist from buying gold, there is hardly any decline in gold sales across the country and the minister should realise that it was sine-qua-non to his budget beset with huge increase in daily taxes that had hit the country's massive middle class.