Gold price hones in on 2014 high after surprisingly strong economic news from India creates opportunity for the government to lift gold import curbs.
Since last August, the Indian government placed a stranglehold on gold imports into the country by requiring that 20% of all gold imported be exported as jewellery.
He has been working with Vedanta since September as chairman of Vedanta Resources Holding, a subsidiary of the Indian resources group.
The government's ability to hold off imports in the long term is questionable.
Government official tells the Wall Street Journal gold import duty would be cut to between 6% and 8% from the current 10% before the end of February.
There are still over 14 million tonnes lying at various jetties since September 2012.
The precarious conditions gold miners face daily have forced them to demand a swiftly approval of regulations.
The second largest economy is poised to grab the title of world's top gold buyer from India
Global diamond trade is being used to launder illegal funds worth millions of dollars, claims polemic study.
While many emerging markets are teetering right now, noted economist Nouriel Roubini says chance of a fully-fledged crisis is low.
The Year of the Snake, associated with laziness and evil, wasn't as good for Lunar New Year gold ornament sales as the Horse which connotes health and energy.
The gold price is up five weeks in a row as safe haven buying returns amid carnage on stock, bond and currency markets.
If India lifts its gold import curbs it could unleash massive pent up demand on the sub-continent.
Recently approved law allows large-scale mining, but locals oppose the project and demand plebiscite to settle the issue.
Iron ore and coking coal prices hover at 6-month lows on Wednesday as Chinese steel prices approach record lows and forecasts for output growth are slashed.
Financial documents of non-resident Indians traveling to India are being scrutinized in order to see if they're being paid by gold traders to bring in the goods.
The gold price in 2014 will be a tale of two halves.
Study also says that Myanmar is the country where the business environment improved the most last year.
Two of the top iron ore produces, Australia and Brazil, are set to benefit from soaring exports registered by the end of 2013.
Gold jumped again on Friday and with shorts climbing to a record 8,3m ounces any sustained rally will spark a scramble by hedge funds to cover their positions.
A solution to India's gold problem?
The bank partly eased restrictions on import of gold dore by allowing refineries to import 15% of their gross annual requirement in first two months and remaining as per export performance.
Traders are choosing to import gold jewellery than bullion bars because jewellery is not subject to the 80:20 rule – but it does have a higher import duty.
Traders are paying the airfare for non-residents to bring in gold.
Ross Norman of Sharps Pixley says since the gold market has fundamentally shifted to India and China, high inflation there will continue to drive demand.
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