Gold Imports Defy High Prices, Jump by 25% .

Gold prices continue to soar, and so do imports of the yellow metal. Gold imports at Ahmedabad increased by 25% in the second quarter (July - September) of the current year as compared to the corresponding period in the last year. Thanks to Dhanteras which is falling in first week of November. On the auspicious day, retailers and traders are expecting huge demand of gold and gold jewellery.

“As much as 65.55 tonne gold was imported at the Air Cargo Complex in Ahmedabad between July and September 2010, which is 24.8% more than gold imports of 52.49 tonne in the same quarter in 2009,” said Samir Mankad, director, GSEC Limited, which facilitates imports of precious metals into the state via its Air Cargo Complex. Data provided by GSEC Limited shows that gold imports were somewhat subdued in the first quarter, but have risen in the second quarter.

“Gold imports have gone up in the last few months due to increased buying by stockists and jewellers ahead of the upcoming festival and marriage seasons,” said director of Ahmedabad Choksi Mahajan Association, Rajnikant Choksi. Gold prices touched a new high of $1360 per oz in the international markets on Thursday following a sharp decline in the dollar against other currencies.

“In past one year, gold has given good and safe returns which is attracting investors of Gujarat. And so we are hoping of good demand of gold and gold jewellery particularly on the auspicious day of Dhanteras,” said Choksi. For the first half of the year — from April to September, gold imports increased from 87.01 tonne in 2009 to 104.18 tonne in 2010, an increase of 20%, according to GSEC Limited.

Source : dnaindia.com