• Short Summary

    In India, gold prices have fallen sharply following a Government move to curb smuggling of the precious metal.

  • Description

    In India, gold prices have fallen sharply following a Government move to curb smuggling of the precious metal. Last week it was announced that gold would be auctioned from Government stocks at fortnightly intervals to force the price down from its recent record high level of 724 Rupees (90 U.S. Dollars) for 10 grammes.

    SYNOPSIS: Soon after the announcement by the Reserve Bank of India, the price of gold on the Bombay bullion market dropped sharply to around 670 Rupees (83 dollars). This was caused by a rush of sales before the Government auctions, which begin on Wednesday (May 3). Only licensed gold dealers, who number about 10,000, will be allowed to bid in the sales, lasting until July 26 and the metal will be sold in 100-gramme bars. The Reserve Bank has declined to say how much gold will be put up for auction. India's stocks of saleable gold have been valued at five billion Rupees (625 million dollars). The recent high prices in India had encouraged large-scale smuggling, which the Government now hopes it has curbed.

  • Tags

  • Data

    Film ID:
    VLVA1PZSWFGE6992FKWFPVOG6OJBJ
    Media URN:
    VLVA1PZSWFGE6992FKWFPVOG6OJBJ
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    29/04/1978
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:00:53:00
    Time in/Out:
    /
    Canister:
    N/A

Comments (0)

We always welcome comments and more information about our films.
All posts are reactively checked. Libellous and abusive comments are forbidden.

Add your comment