Gold
climbed for the first time in three days in New York on speculation the
new Indian government will relax import restrictions on the metal.
Incoming
Indian leader Narendra Modi told thousands of supporters over the
weekend that he represented a break from past governments after winning
the nation��s biggest electoral mandate in 30 years. The new India
finance minister will decide on easing gold import curbs, Reserve Bank
of India Governor Raghuram Rajan said last week. China overtook India
last year as the world��s biggest gold buyer.
œIndia
looks positive, Bernard Sin, head of currency and metal trading at MKS
(Switzerland) SA, a Geneva-based refiner, said by e-mail today. œThere
may be signs of lifting restrictions.
Gold
futures for June delivery rose 0.7 percent to $1,302.20 an ounce on the
Comex in New York. Trading was 16 percent below the average for the
past 100 days for this time, according to data compiled by Bloomberg.
The
European Central Bank and 20 European central banks announced the
fourth central bank gold agreement, without a cap on sales for the first
time.
œThe
signatories note that, currently, they do not have any plans to sell
significant amounts of gold, according to the agreement anounced by the
ECB. œGold remains an important element of global monetary reserves.
The
statement is positive for gold because it indicates the metal will
continue to be an important part of central bank reserves, Sin said.
Source : Bloomberg
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