Gold and silver have been trading steady in the absence of major global cues. Dealers say the metal would continue to trade in a range, though a sharp appreciation in the rupee would send gold prices lower.

International gold prices have been steady, but, may rally should the new government under Narendra Modi lift gold prices. Prices in the global markets do find direction from Indian consumption, since India is one of the biggest consumers of gold.

On Wednesday, The Reserve Bank eased gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost exports. Further measures by the Reserve Bank of India to liberalise imports cannot be ruled out.

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