'India's gold import to fall by 25% in April'
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'India's gold import to fall by 25% in April'

Last Updated: Tuesday, April 16, 2013, 00:32
 
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'India's gold import to fall by 25% in April'
Mumbai: Gold imports are likely to go down by about 25 percent this month to around 53.25 tonnes compared to the same period last year due to the declining gold prices, a bullion trade body said Monday.

"The imports of the yellow metal is likely to be 25 percent less than the corresponding month last year as the gold prices are declining steadily. Usually, when the prices drop traders hold back in anticipation of further decline, while they buy when prices rise with the fear of additional increase in rates," Bombay Bullion Association president Mohit Kamboj told PTI here.

In April 2012, India had imported about 71 tonne gold.

When the price stabilises, which is likely to be in a few days, imports of the precious metals will again pick up, he said.

"We expect the gold prices to stabilise in next few days. After this, there might be a pick up in imports," he added.

India imported about 250 tonnes in the first quarter of this year amid decline in international prices and rise in demand. The country had imported 207 tonnes of gold in January-March 2012.

India's gold imports had dipped by 12 percent in 2012, to 864.2 tonnes compared to 986.3 tonnes in 2011, mainly on account of jewellers' strike over certain budgetary measures and sharp rise in domestic price, according to the World Gold Council Demand Trends Report.

PTI


First Published: Monday, April 15, 2013, 21:39


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