Gold prices tumble by Rs 800 to Rs 28,550 per 10 gm

Zee Media Bureau

New Delhi: Gold prices on Thursday tumbled by Rs 800 to Rs 28,550 per ten gram following the Reserve Bank of India's (RBI) steps to ease import curb.

The Reserve Bank yesterday eased gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.

The Reserve Bank of India (RBI) in July last year had imposed severe restrictions on gold imports in order to check burgeoning current account deficit and sliding rupee.

The central bank had tied imports with exports and prescribed a 20:80 formula. This facility was available to select banks only and other entities were barred from importing the metal.

With PTI Inputs