| Date: |
02-04-2015 |
| Subject: |
Gold imports up by 67%, silver down by 56% |
|
AHMEDABAD: Relaxation in import curbs by NDA government, decrease in international prices, consistent dollar against rupee and large imports in months of September- November 2014, led to 66.79% increase in gold imports in 2014-15 compared to 2013-14.
According to latest data available, 152.24 metric tonnes (MT) of gold has been imported in state in 2014-15 compared to 92 MT of gold imported in 2013-14.
After less than 5 MT imports in last three months, around 20.73 MT gold were imported in March 2015 while it was 4.68 metric tonnes in March 2014.
The imports of yellow metal recorded substantial increase in later half of 2014 following Reserve Bank of India's (RBI) decision to provide conditional relief in gold import restrictions by allowing STAR trading houses to import gold in September last year.
Industry insiders believe that one of the major reasons for high imports in October- November was the fear among the bullion traders that central government may toughen the restrictions on imports following high imports in earlier months.
"The imports fell in last two months as traders had sufficient stock due to high imports last year due to Diwali and wedding season," said Monal Thakkar, president, Amrapali Industries.
Due to fall in international prices, the gold prices have fallen below Rs 27,000 per 10 gm in Ahmedabad and traders believe that it is expected to go down further.
In case of silver, 625 MT has been imported in state in 2014-15 compared to 1425.11 metric tonnes imported in 2013-14, registering a fall of 56.15%.
"There were two reasons for the fall silver imports.
Firstly, the industrial use of silver registered a decline which led to lesser imports. Secondly, the gold imports in 2013-14 were at record low and silver acted as a replacement leading to huge imports," said Girish Choksi, city-based bullion trader.
Source : timesofindia.indiatimes.com
|