Indias gold import more than doubled to $16.95 bn in Apr-Sep
The Dollar Business Bureau India’s gold import more than doubled to $16.95 billion during the first six months of the current financial year, as per the data by Ministry of Commerce. The imports of the precious metal were around $6.88 billion during the period April- September last fiscal, the data said. However, the import of gold dropped by 5% to $1.71 billion in the month of September this year as compared to $1.80 billion in the same month a year ago. The decline in the precious metal import in September helped in narrowing down of country's trade deficit to $8.98 billion, a seven month low. However, the import of gold is likely to increase due to festival season, which has begun this month. Due to increase in ...
Gold imports down 60.4% to $1.23 bn in April
The Dollar Business Bureau India’s gold imports decreased for the third straight month in April 2016. The country has imported $1.24 billion worth gold, which is 60.47% down from $3.13 billion in the same month previous year as per the data released by Ministry of Commerce and Industry on Friday. Gems and jewellery exports increased 17.23% to $3.45 billion from $2.94 billion in the same month last year. Silver imports also have declined 31.39% to $218.98 million. Due to a long strike by jewellers in India, the gold imports had declined over 80% to $972.96 million in March. Gold demand in India has come down 39% y-o-y to 116.5 tonnes during the last quarter of FY 2016 when compared to the demand ...
India unlikely to place curbs on gold imports
Sai Nikesh D | The Dollar Business The government has ruled out imposition of additional restrictions on gold imports after imports in December 2014 declined significantly. India saw a record climb in gold imports in October and November 2014 with the arrival of the festive season and apprehensions that the government will impose restrictions on imports. According to the Ministry of Commerce, India’s gold imports in November 2014 surged to a record high of around 151.6 tonnes. In terms of value, India’s gold imports of around $5.6 billion in November 2014 was up around 571% y/y, triggering concerns of a widening trade deficit. However, the government had refrained from imposing import restrictions and had, in a surprise move, scrapped the 80:20 scheme ...
