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Dhanteras: Gold price may cross Rs 33,000 level on supply squeeze

Oct 28 2013, 13:35 IST
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Gold prices are ruling at Rs 32,570 in Delhi and around Rs 31,700 in Mumbai, trade data showed. (AP) Gold prices are ruling at Rs 32,570 in Delhi and around Rs 31,700 in Mumbai, trade data showed. (AP)
SummaryGold price ruling at Rs 32,570 in Delhi and around Rs 31,700 in Mumbai, trade data showed.

drop by almost 50 per cent on Dhanteras this year from the year-ago period.

Echoing his views, Bombay Bullion Association former president Suresh Hundia said: "Government has banned import of bars and coins. So, there is no supply to meet the demand for such items on the festival day."

He said the demand for coins has already fallen by 70 per cent and jewellery by 60 per cent from over last year's levels due to government restrictions and rupee depreciation.

To contain gold demand, the government has raised import duty to 10 per cent and stipulated that 20 percent of imports should be used for exports. It has also banned import of coins, bars and medallions.

The country has imported 393.68 tonnes of the yellow metal during the April-September of this year, as per official data.

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