New Delhi: Gold imports dipped by nearly 18
per cent to 28 tonnes in November against the same month last
year as prices of the precious metal soared to hit a record
level of Rs 18,000, dampening consumer demand.
The imports stood at 34 tonnes in November 2008, data
provided by the Bombay Bullion Association showed.
The gold imports declined because prices generally ruled
between Rs 16,000-17,000 levels, slackening consumer demand,
the Association Director Suresh Hundia said.
In the world markets, gold prices shot up from USD 1,043
an ounce to a USD 1,181 due to a weakening dollar and a sudden
rise in demand from central banks. The Reserve Bank of India
bought a whopping 200 tonnes of yellow metal from the
International Monetary Fund in October.
The global scenario impacted the domestic market as gold
moved from a low of Rs 15,985 per 10 gram to a high of Rs
18,047.
However, the shipments showed a rise of two tonnes from
October 2009, at 26 tonnes, due to increasing buying during
the peak marriage season which was at its peak during the
period beginning the last week of November to the first week
of December.
According to SMC Globals analyst Ajit Kumar, the imports
went up as jewellers wanted stocks to cater to the rising
demand that time.
However, the shipments may decline in the lean season,
from December to February end next year, he added.
Gold imports have been sluggish during 2009 and were
at 172.7 tonnes during January-November, compared to 393
tonnes in the same period last year, said the Association.
This year these were just 1.8 tonnes in January followed
by zero in February and March due to a lack of demand after a
surge in prices.
However, gold imports touched 20 tonnes in April on
account of 'Akshaya Tritiya', a festival during spring which
is considered auspicious for buying gold.
The imports were at its highest during September at 37.5
tonnes at the onset of festival season, including Diwali.
PTI
First Published: Thursday, December 31, 2009, 19:12