The RBI on Wednesday eased gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports.
Spot gold was bid lower at $ 1,298 an ounce in early European trade.
Investors must be cautious and follow a prudent diversification strategy to mitigate against any risks in case of any unforeseen events.
It's time government used oil windfall wisely.
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Earlier, similar restrictions were imposed on commercial banks.
Imports too declined by 16.31 per cent to $37.39 billion.
The government on Monday slashed import tariff value on gold and silver to $408 per 10 grams and $617 per kg respectively, in view of weakness in bullion prices globally.
"People in India are benefiting from the whole process of liberalisation," Finance Minister Arun Jailtey said.
In Singapore, gold prices have risen by 0.46 per cent to $ 1,294.20 from $ 1,288 per ounce in last one fortnight.
Country's fiscal deficit touched Rs 516,390 crore or 95.2 per cent of the annual target during April-December, the Controller General of Accounts said.
India's fiscal deficit reached 4.11 trillion rupees ($61.67 billion) during April-October or 74 per cent of the full-year target, government data showed on Monday.
Indian economy is witnessing stable growth momentum, says OECD.
The immediate revenue loss could worsen the Centre's fiscal deficit, from the budgeted 3.3 per cent of gross domestic product (GDP) to 3.7 per cent of GDP -- a massive 40-basis-point increase. It was stabilised at 3.4 per cent since 2016-17, report Abhishek Waghmare and Dilasha Seth.
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