Mumbai: The import of gold is likely to decline by 40 per cent in the last four months of the year to about 200 tonnes due to fall in demand for the yellow metal amid high prices and poor monsoon, Bombay Bullion Association said on Tuesday.
"Import of the precious metal is not very encouraging and we expect about 40 per cent drop in shipments into the country at 200 tonnes in the September-December period. The rising prices of the metal, monsoon deficit and fewer wedding dates this year will mainly restrict the demand and hence the imports," BBA President Prithviraj Kothari told reporters.
As 70 per cent of gold consumption takes place in the rural market in physical form, poor monsoon will hurt incomes of farmers and consequently affect the demand, he said, adding, "And thus overall imports this year will be restricted to 700 odd tonnes against 969 tonnes last year".
Import of gold during January-July period stood at 455 tonnes and in July alone the imports were below 40 tonnes, he said....more
09:07 PM, Aug 21, 2012
Mumbai: Gold imports are unlikely to rise immediately as the spurt in demand on account of 21-day stir by bullion traders will be met by existing stocks, Bombay Bullion Association on Friday said. "Jewellery manufacturing was completely stopped during the 21-day strike. Therefore, there is an inventory of 5-10 tonnes of gold, which will be used to fulfill the demand. So, we feel import is not likely to rise," Bombay...
02:39 AM, Apr 07, 2012