Precious metalswitnessed a sharp rallyon Friday following new
restrictions by Reserve Bank of India on gold imports to support
rupee. TheRBI banned imports of gold coins and medallions. It has
asked domestic buyers to pay cash for the gold imports, among other
Rupee saw record low of 62 against US dollar in intra-day trade
October 2013 Gold futures at the MCX were trading up 4.11% at Rs
30,395 per 10 grams at 7 pm after hitting high of Rs 30,470. It
opened at Rs 29,290.Meanwhile, September 2013 Silver futures at the
MCX went up 6.91% at Rs 49,793 per 1 kg after hitting high of Rs
50,219. It opened at Rs 46,673.
Meanwhile in global markets, Comex Gold August futures went up
0.67% to USD 1,370.7 per troy ounce. Comex Silver
Septemberfuturesclimbed 1.22% to USD 23.17 per troy ounce.