Posted: 20 Mar 2014 03:23 AM PDT

From:http://in.reuters.com/article/2014/03/19/gold-india-imports-banks-idINDEEA2I08320140319

BY SIDDESH MAYENKAR AND NEHA DASGUPTA

MUMBAI Wed Mar 19, 2014 5:11pm IST

(Reuters) - India has allowed five domestic private sector banks to import gold, in what industry officials say could be a significant step towards easing of tough curbs on the metal imposed last year to cut the country's trade deficit.

The move could boost gold supplies and bring down premiums for the metal in the world's second-biggest consumer after China.

The Reserve Bank of India (RBI) has allowed gold imports by HDFC Bank (HDBK.NS), Axis Bank (AXBK.NS), Kotak Mahindra Bank (KTKM.NS), IndusInd Bank (INBK.NS) and Yes Bank (YESB.NS), officials at the respective banks told Reuters.

Two industry sources confirmed the names of the banks. They and the bank officials did not want to be named as they are not authorised to speak to media.

India enforced the so-called 80/20 rule in July, making it mandatory to export a fifth of all gold imports. Under that rule, only six banks and three state-run trading agencies that had facilitated export of gold or jewellery in the past three years were allowed to import. The six banks were mostly state-run lenders.

The RBI has now permitted gold imports within prescribed limits by the private banks even though they had not facilitated any exports of metal or jewellery in the past three years.

"They have decided upon limits on quantities depending upon the number of (current) customers you have for exports," said Shekhar Bhandari, executive vice-president of Kotak Mahindra Bank.

The RBI did not immediately respond to a request for comment.

The move to allow more banks to import gold may raise shipments to about 40 tonnes per month from more than 20 in February, industry officials said. India used to ship in as much 70 tonnes per month, the biggest import after oil that had pushed the current account deficit (CAD) to a record high in the year ended March 2013.

"Supplies will be smooth from now and I think premiums will come down," said Haresh Soni, chairman of the All India Gems and Jewellery Trade Federation. "This looks like just a beginning to the further easing of 80/20 rule."

NEW GOVERNMENT, NEW RULES

India used to be the No. 1 buyer of gold before the levy of a record 10 percent import tax in stages and other restrictions led to a sharp cut. Premiums hit a record of $160 an ounce in December, triggering smuggling and forcing industry officials to call for a repeal of the curbs.

Further major relaxations of the curbs are likely only after a new government is formed around June, officials involved with policymaking said.

Finance Minister P. Chidambaram said earlier this month the gold import duty could be revisited only after the final CAD numbers are out.

The CAD, final figures for which are expected to come in the first week of June, is likely to fall to less than $40 billion for the fiscal year ending March 31 from its record $88 billion in the previous year.

By that time it will also be clear who will form the government, after India's general elections that start in April. The main opposition Bharatiya Janata Party - the favourite to win the polls - has already spoken against the gold import restrictions.

Its prime ministerial candidate Narendra Modi has said that any action on gold should look at the interests of the public and traders, not just economics and policy.

A senior policy official aware of the deliberations said the government and the central bank wanted to gradually remove the curbs as falling gold prices are expected to cut the CAD by $10-$12 billion.

"We don't believe in artificial kind of compression of current account deficit," the official said. "Since it was an extraordinary kind of situation and it was a policy option available, we tried that."

The official estimates India's gold imports this fiscal year to be around 800-850 tonnes, lower than last year's 950 tonnes.

(Additional reporting by Rajesh Kumar Singh in NEW DELHI; Editing by Krishna N Das and Muralikumar Anantharaman)

Source:http://in.reuters.com/article/2014/03/19/gold-india-imports-banks-idINDEEA2I08320140319

20 March 2014 - 黄金价格持续走高辽宁投资者又掀购金潮

Posted: 20 Mar 2014 03:21 AM PDT

From:http://gold.hexun.com/2014-03-20/163208539.html

2014年03月20日07:55 来源：中国新闻网

中新社沈阳3月19日电(司晓帅)进入2014年后，国际黄金价格呈回暖之势，中国国内金价近来更是持续六周走高。记者近日采访发现，在历经去年的疯狂吸金和后期抄底被套后，当地投资者正掀起新一轮购金热潮。

沈阳一家大型金店的黄金售价19日已涨至每克321元人民币，与上周金价相比高出近20元。该金店一副总经理称，马年春节过后，不管是千足金饰品还是投资金条价格都在持续上涨，"粗略估算，黄金价格累计涨幅已接近15%"。

不过纵使金价回升，去年在价格暴跌时抄底囤金的"大妈"们也未释放"解套"信号，反而显露继续囤金之心。在辽宁省沈阳市，询价买金的投资者们连日来又成规模的进店"扫荡"。

位于该市沈河区的中国黄金东北交易中心19日又迎来不少购金者。该中心一位负责人称，刚刚过去的马年春节和西方情人节期间，当地都曾掀起购金热潮。到今天，金价已连续上涨一月有余，可仍不见投资者收手。

北京黄金交易中心沈阳营业部投资顾问赵亚卓认为，尽管金价持续上涨，但相比于此前10年的黄金牛市，目前的金价仍在跌市之中。"基于这一点，的确可以考虑再投资。"

分析人士指，中国农历新年以来，中印黄金实物需求强劲，美国寒冷天气致使经济增长乏力，以及近期马航失联、乌克兰局势紧张升级等因素都促使国际黄金价格持续上涨。

"不确定因素给黄金价格带来了短线的推动力，但投资者无论购买黄金还是金饰品都需谨慎。"赵亚卓说，随着美国2月经济数据的转强，和可能出现的乌克兰局势降温，或将让持续上涨的金价猛烈回落。

Source:http://gold.hexun.com/2014-03-20/163208539.html

20 March 2014 - Gartman: This could send gold prices soaring

Posted: 20 Mar 2014 03:17 AM PDT

From:http://www.cnbc.com/id/101504625

Published: Tuesday, 18 Mar 2014 | 3:40 PM ET

By: Maxwell Meyers | Executive Producer

Gold is in the midst of its worst two-day stretch since December. But the Commodities King isn't ready to throw in the towel just yet.

"For the moment at least, the fear of war in Russia has been alleviated. But it's not eliminated. It's just been alleviated, and it was the fear of war that sent gold prices higher in the first place," Dennis Gartman said on Tuesday's edition of "Futures Now."

According to Gartman, publisher of The Gartman Letter, only one thing matters most to gold bugs now: Vladimir Putin. The greater the tension in Ukraine, the higher gold prices should go, Gartman said. As those pressures ease, gold should fall.

(Read more: Gold ends 1% lower as stocks rally on Putin speech)

"Any incursion by the Russians into mainland Ukraine, while unlikely, but remotely possible, would send gold soaring," Gartman said.

Of course, it's been quite the year for bullion. Gold is up 13.3 percent year-to-date, and if it can hold its gains, it would be its best first-quarter performance since 1985. Gold is also on track for its best overall quarter since the third quarter of 2007.

But despite the gains, Gartman still sees some near-term gold headwinds. "Central bank policy changes are not imminent, so those concerns are not driving gold; stocks are firmer, so that is weighing upon gold prices as money moves back from gold into equities. There is no sense of rising inflation and oil prices are at best steady, and that too weighs upon gold."

Still, in the long term Gartman remains a solid bull, noting that sentiment and the technical setup are still very constructive for gold.

"The chart is going from the lower left to the upper right," said Gartman. "And in my view, that should continue for some time, and you should buy."

—By CNBC's Maxwell Meyers.

Source:http://www.cnbc.com/id/101504625

20 March 2014 - India allows more banks to import gold in easing of curbs

20 March 2014 - India allows more banks to import gold in easing of curbs

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