Bullion News

Kimberley Process probe team had recommended that Zimbabwe be suspended, meaning many consumers would have shunned the country’s diamonds. In a communique issued in Namibia, KP said its investigators found evidence of Zimbabwe’s significant noncompliance. Zimbabwe agreed to take steps, including pulling soldiers out and allowing monitors in to become compliant, and the country would be given time to do so under Kimberley Process monitoring.

Rise in food inflation to 13.39% causes alarm for policy makers on the back of losses in kharif output while government is pinning hopes on increased rabi output. RBI's gold buying has spread positive sentiments and NMCE has now launched a futures aimed at gold retailers

According to the RBI release, total foreign exchange reserves including gold and SDR (special drawing rights —the reserve currency with IMF) dipped by $1.129 billion to $284.4 billion during the week ended October 30. While foreign currency assets dipped by $1.580 billion, the value of SDR dipped $25 million. The value of gold in reserves rose $484 million to $10.8 billion.