Though India rules out a complete ban on gold imports for now, a new study has noted that the gold price is expected to surge to $472 per 10 gram in a couple of months.
Author: Shivom Seth Posted: Tuesday , 16 Jul 2013
MUMBAI (MINEWEB) -
India's Finance Minister P Chidambaram has appealed to the people, once again, to moderate their demand for gold. While insisting that the government would not rule out a complete ban on gold imports, as has been discussed in some quarters, he pointed out the precious metal has cost the nation $50 billion in foreign exchange.
Stating that there is a long time attachment to gold in India, the minister asked, ``... can we for sometime moderate the demand for gold?''
Asking investors to cut down on their purchases as a starting point, Chidambaram suggested buying 10 grams of gold if one was inclined to buy 20 grams of gold.
Though India’s gold imports in June have fallen 80% to about 32 tonnes, providing some relief to the country's current account deficit and the weak rupee, the minister used a media conference on July 16, as a platform, to appeal to the citizens, all over again. ...
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