Gold futures climbed for the first time in three
sessions on speculation that the newly elected Indian government will
relax import restrictions, increasing demand for the precious metal.
India, the world��s biggest bullion consumer after
China, will probably cut the 10 percent tax on shipments in July and
relax rules on importers, Bachhraj Bamalwa, a director with the All
India Gems & Jewellery Trade Federation, said today. The new finance
minister will decide on easing, Reserve Bank of India Governor Raghuram
Rajan said last week.
Gold futures for June delivery rose less than 0.1
percent to settle at $1,293.80 an ounce at 1:41 p.m. on the Comex in New
York. This year, prices have climbed 7.6 percent amid signs of
escalating geopolitical tension in Ukraine.
Copy Source: Bloomberg
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