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Friday, 26 July 2013

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Gold jewellery exports from India, the world’s biggest consumer last year, are poised to surge as the Reserve Bank of India (RBI) seeks to curtail domestic bullion use and boost shipments to defend a weakening currency, a trade group said.

Shipments may jump as much as 71% to 120 tonnes in the year that began on 1 April from 70 tonnes a year earlier, said Vipul Shah, chairman of the Gem and Jewellery Export Promotion Council. RBI’s order this week to set aside 20% of imported gold in any form for exports will help reverse a drop in jewellery shipments, he said.

Exports slumped 59% to $1.66 billion in the April-June quarter from a year earlier after the government doubled a tax on gold imports and curbed financing, fueling a shortage of precious metal in the domestic market, Shah said. India is seeking to tackle a record current-account deficit, which weakened the rupee to an all-time low, by reducing bullion imports. The deficit is the biggest risk to the $1.9 trillion economy, according to the central bank.

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