Gold price jumps to Rs. 30,620 as govt eases buying norms

Mumbai-India (Oct 9)  Gold prices moved up by another Rs. 70 to Rs. 30,620 per 10 grams at the bullion market today due to increased buying by jewellers and retailers after the government revoked an order mandating PAN and Aadhaar cards for purchases above Rs. 50,000.

A firm trend overseas, stoked by demand for the safe-haven on fresh concerns over North Korea’s nuclear plans, also boosted silver prices at the domestic market. This was its third straight day of gains. It had gained Rs. 175 in the previous two days.

Silver followed suit and advanced by Rs. 100 to Rs. 40,700 per kg on increased offtake by industrial units and coin makers.

Market sentiment turned upbeat after the government revoked an order mandating PAN and Aadhaar cards for purchases above Rs. 50,000.

The government has also removed gems and jewellery dealers from the purview of the reporting requirement under the Prevention of Money Laundering Act (PMLA).

The government has rolled back August 23 notification that notified dealers in precious metals, precious stones and other high value goods as persons carrying on designated business and professions under the PMLA, 2002.

Globally, gold rose 0.48 per cent to $1,282.20 an ounce in Singapore. In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs. 70 each to Rs. 30,620 and Rs. 30,470 per 10 grams, respectively. Sovereign, however, remained unaltered at Rs. 24,700 per piece of eight grams.

Tracking gold, silver ready strengthened by Rs. 100 to Rs. 40,700 per kg and weekly=based delivery by Rs. 270 to Rs. 39,870 per kg. Silver coins, however, continued to be traded at previous level of Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.

BusinessLine