September Gold Import Soars 30 pc to 34.8 tonne.

MUMBAI: Skyrocketing price has not deterred India's love for the yellow metal with imports zooming 30 per cent to 34.8 tonne in September over the previous month.

In August, gold import stood at 26.8 tonne, as per data given by the Bombay Bullion Association.

"Even as gold is trading over Rs 19,000 per 10 grams, the demand has gone up on the back of the ongoing festive season," Bombay Bullion Association Director Suresh Hundia said on Sunday.

Festivals like Navaratra, Dhanteras and Diwali are considered auspicious for buying precious metals, when the demand for the gold and silver go up.

However, gold imports in September were 4.9 tonne less compared to the corresponding month last year, which was at 37.6 tonne. He said, if this positive trend continues, the October import will see a further upward swing and will almost match up with the previous year's shipment level.

During the festivals, the demand is usually more for gold and silver coins, he said. However, the investor demand is higher compared to the retail demand, he added.

Gold climbed to an all-time high of Rs 19,900 per 10 grams in the domestic markets last week influenced by firm global prices.

In the global markets, gold touched an all-time high of $1,366 an ounce (28.35 grams) last week as the recovery of the Western economies still falters and investors are increasingly looking at gold as the safest investment option.

On top of it, the US dollar has been on the losing streak, and so is the euro.

Source : economictimes.indiatimes.com