Symbol: GOLD| Contract: Jun, 2015| Category: Bullion
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Gold's Latest News
The government is now seeking public feedback on its proposal to launch gold deposit accounts.
The government on Tuesday released the draft guidelines for its ambitious gold monetization scheme that aims to cut down gold imports in the country.
Spot gold had ticked up 0.2 percent to $1,209.20 an ounce by 0023 GMT, but was firm near the week's low of $1,205.39, reached on Tuesday. The metal lost 1.5 percent in the previous session, snapping a five-day rally.
The government could allow individuals deposit a minimum of 30 grams of gold with banks in return for interest payments to help monetize large quantities of the metal lying with households, a step that is aimed at cutting expensive imports.
Traders said besides a firming trend overseas, pick up in buying by jewellers to meet wedding season demand mainly led to the rise in gold prices.
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