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Gold imports contract 29.5% to $1.39 billion in February.


Date: 16-03-2016
Subject: Gold imports contract 29.5% to $1.39 billion in February
NEW DELHI: After a sharp rise in January, gold imports in February declined 29.49 per cent to $ 1.39 billion, which is expected to keep a lid on the country's current account deficit (CAD).

The sliding prices of the yellow metal in both global and domestic markets are seen as a contributory factor for the plunge.

Gold imports stood at $ 1.98 billion in February 2015.

The contraction in imports helped narrow trade deficit at $ 6.54 billion last month as against $ 6.74 billion in the year-ago period.

India is the largest importer of gold in the world and the imports mainly cater to the demand of the jewellery industry.

In July-September of the current fiscal, CAD rose to $ 8.2 billion, or 1.6 per cent of GDP, from 1.2 per cent, or $ 6.1 billion in the April-June quarter.

Source : economictimes.indiatimes.com

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