February gold import seen at 50 tonnes as demand returns

After demonetisation, demand jumped as many people with unaccounted money bought the yellow metal

Gold demand seems to be returning after several months of lull in the past year. In the first two months of this year, January and February, the average monthly import has been around 50 tonnes. Except January, October and November of last year, the monthly average during 2016 was 30 tonnes.

After nearly 48 tonnes of import in January, the February import is estimated at 50 tonnes. At the beginning of the month, the demand was seen in a jewellery show and later small-ticket jewellery demand around Valentine’s Day. In February last year, the import was only 27 tonnes, of