India is one of the largest gold importers in the world
Demand for gold usually strengthens in the final quarter as India gears up for the wedding season
Spot gold in London was trading lower by 0.3% at $1,293/oz after hitting the high of $1,306
Gold is highly sensitive to rising rates, which lift opportunity cost of holding non-yielding assets
Only exports from domestic tariff areas would be counted and such exports have much better vigilance mechanism
Key challenge for the exchange would be to have enough option writers who takes full price risk
Worries over the US election saw the so-called "fear index" of market volatility hit its highest in a month
For the last fortnight, the tariff value on imported gold was fixed at $410 per 10 grams
Gold prices in India were at a premium of up to $3 an ounce over official domestic prices this week
The metal for delivery in February next year traded lower by Rs 57, or 0.17% to Rs 29,823 per 10 grams in 78 lots
US gold futures ends the session up 0.2% at $1,269.50 per ounce
Outlook rosy for medium to long term but import duty and GST could be dampeners
Gold is often seen as an alternative investment during times of political, financial uncertainty such as US Presidential elections in Nov
The ministry is working on a scheme for investors to buy Rs 300-500 of gold per month
The Markit survey of US manufacturing climbed to a one-year top of 53.2
It is in last two weeks that discount has disappeared and price started quoting at marginal premium to the cost of imports and prices have also moderated
Palladium, which hit a more than three-month low of $613.10 in the previous session, was up 0.2 per cent at $625.50
Spot gold was down 0.9 per cent at $1,265.68 an ounce at 0745 GMT, while US gold futures fell 0.1 per cent to $1,266.40
Govt considering bringing down the 10% import duty on gold to 6%
India's overseas purchases of gold likely hit a nine-month high in October