Gold imports up 71% .

For the month of April, the gold imports have gone up by 71 per cent to close at 34.2 tons as against last year.

This happened as the price of the precious metal went down to Rs 16,262. It had touched an all-time high of Rs 18,500 during the month of December in 2009.

As per the data given by the Bombay Bullion Association, the shipment of gold during the month of April, 2009 was at 20 tons. This had happened because of the fall in demand which happened after the global economic slowdown hit the market.

Since then, the prices of the metal were trading at a range which stood between Rs 16,262 and Rs 17,140, for every 10 grams. But the price started tilting towards the lower side, which was the effect of seasonal demand coupled with rising investment demand.

This, believe the experts, led to a sudden rise in demand which was not fulfilled by supply in India leading to imports.

Experts believe that since the prices had started to turn low, more was demanded. Meanwhile, in January imports were at 34 tons, which came down till April.

Source : Topnews.in