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.