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Gold premiums in India hit a record $100 per ounce
From Reuters
via The Times of India, Mumbai
Tuesday, October 15, 2013
MUMBAI -- Gold premiums in India, the world's biggest buyer of the precious metal, hit a record $100 an ounce, about 8 per cent over London prices, on a shortage of supplies to meet festival demand, traders said on Tuesday.
Banks, the primary dealers of bullion, are importing the yellow metal chiefly for exporters, as under the so-called 80/20 principle, jewellery exporters get priority for supplies over domestic manufacturers.
The principle, part of a package of measures announced in July aimed at cutting India's current account deficit by reducing gold imports, states that 20 per cent of all gold imported into India must be re-exported.
... For the full story:
http://timesofindia.indiatimes.com/business/india-business/Gold-premiums...
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