Gold
climbed for the first time in three days in London 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 for immediate delivery rose 0.5 percent ot $1,300.40 an ounce by 9:34 a.m. in London.
The
European Central Bank and 20 European central banks announced the
fourth central bank gold agreement. 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.
Source : Bloomberg
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