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Gold imports in September decline by 54%.

Date: 05-10-2016
Subject: Gold imports in September decline by 54%
AHMEDABAD: Gold imports have gone down by 53.8% in a year, declining from 4.07 MT in September 2015 to 1.88 MT in September this year.The imports have also declined month-on-month by 10% compared to August 2016. Increasing amount of gold being procured through unofficial channels is a clear indicator of the decline in imports, claim experts.

The yellow metal was priced at Rs30,600 per 10 gram on Tuesday , plunging on account of global cues.

"There is an overall slowdown in the market. That apart, one of the significant reasons for decline in gold imports is the high price of gold," said Piyush Bhansali, president, Manek Chowk Bullion Traders' Association.

The sales were dull owing to the Shradh Paksh. As Navratri begins on Saturday , jewellers have their ho pes pinned on the festive season to revive declining gold sales. "We hope that the sales will revive through Navratri and in the days to follow due to auspicious buying on days like Dhanteras, Pushya Nakshatra and Dussehra. Moreover, the shopping for wedding season will also be done in the coming three months," said Shanti Patel, president, Gems & Jewellery Trade Council.

According to bullion traders, gold prices may not significantly dip and will remain in the range of Rs31,000 to Rs33,000 per10 gram through the festive season till December.

Source : timesofindia.indiatimes.com

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