Prithviraj Kothari | Chennai: Importing gold worth $2.69 billion, the yellow metal touched a 6-month high by value, registering a 6% increase year-on-year. In FY20, imports remained high in April and May, at $3.95 billion and $4.7 billion. The imports began to fall in June. Subsequent months saw a sharp sequential drop in imports with September seeing the lowest at $1.2 billion. Lower prices are also fuelling the demand. Even as prices are higher than last year same period, spot gold prices stand at Rs 37,700 for 10 gram of 24 carats, was lower than September prices. The Gems and Jewellery Export Promotion Council added that the hike in import duty from 10% to 12.5% has further increased the price of gold and brought down the demand for exports. Colin Shah, vice-chairman, GJEPC said that however in November, the demand went up. “For the period April to November, there is a 5.7% Y-o-Y increase in import of gold for the purpose of export,” he added. Wedding demand, although lower than last year, has pulled up the imports, jewellers add. “The months from June-September saw sluggish demand, However, with time, as the festival season began and now the wedding season is going on the demand has slowly picked up,” said Prithviraj Kothari, national president, India Bullion, and Jewellers Association. Kothari added that by volume, November saw imports at 71 tonnes.
Credit: https://timesofindia.indiatimes.com/business/india-business/at-3bn-gold-imports-at-6-mth-high-by-value/articleshow/72859973.cms
Credit: https://timesofindia.indiatimes.com/business/india-business/at-3bn-gold-imports-at-6-mth-high-by-value/articleshow/72859973.cms
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