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Gold import gains momentum

Industry estimates that first quarter of 2017 may end with imports around 200 tonnes

Rajesh Bhayani  |  Mumbai 

gold, jewellery
File photo of gold bullion

imports have picked up pace in 2017, after several dull months.
 
After 50 tonnes in January, February saw 80 tonnes of import; demand has continued in March, keeping jewellers busy. The industry estimate is 200 tonnes in the year’s first quarter.

 
The December quarter saw import of 214 tonnes, mostly because of high demand during Diwali and the post-period.
 
Shekhar Bhandari, senior executive vice-president at Kotak Mahindra Bank, said: “Demand for has picked up. With a falling dollar index and a rising US price, the price in India has become attractive with an appreciating rupee. With the Akshay Tritiya festival in the fourth week of April, one should see continued demand over the next five to six weeks.”
 
Marriage-related buying is also back with cash availability having improved for small consumers. Banking channels and cards are being widely used.
 
Nigam Arora, a noted investor, says: “these days is more influenced by India and China. This demand shows recovery.”
 
graph


On prices, he said, “The US Fed's decision to raise rates is not simply the central bank’s latest interest rate increase but a statement indicating a series of rapid increases. This was the first time since the financial crisis that the Fed was definitive about raising interest rates quickly. Those who are positioning now for to go down can get squeezed, and as a result of short covering, and silver have the potential to scream higher. Aggressive traders may consider buying for a short-term trade.”
 
The government’s Monetisation Scheme and Sovereign Bond scheme have together collected 22 tonnes. Of this, “six tonnes have come under the GMS since November 2015 and 16 tonnes of bonds, including the one which closed recently”, according to an official of the ministry of finance. This meant two tonnes of SGBs were sold in the latest issue.
 
Zaveri Bazar here saw standard closing Rs 40 higher at Rs 28,530 per 10g on Monday. The global price was $1,231 an ounce.
 
Silver in Mumbai closed marginally up by Rs 55 to close at Rs 41,380 per kg; abroad, it was trading at $17.38 an oz.

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Gold import gains momentum

Industry estimates that first quarter of 2017 may end with imports around 200 tonnes

Industry estimates that first quarter of 2017 may end with imports around 200 tonnes
imports have picked up pace in 2017, after several dull months.
 
After 50 tonnes in January, February saw 80 tonnes of import; demand has continued in March, keeping jewellers busy. The industry estimate is 200 tonnes in the year’s first quarter.
 
The December quarter saw import of 214 tonnes, mostly because of high demand during Diwali and the post-period.
 
Shekhar Bhandari, senior executive vice-president at Kotak Mahindra Bank, said: “Demand for has picked up. With a falling dollar index and a rising US price, the price in India has become attractive with an appreciating rupee. With the Akshay Tritiya festival in the fourth week of April, one should see continued demand over the next five to six weeks.”
 
Marriage-related buying is also back with cash availability having improved for small consumers. Banking channels and cards are being widely used.
 
Nigam Arora, a noted investor, says: “these days is more influenced by India and China. This demand shows recovery.”
 
graph


On prices, he said, “The US Fed's decision to raise rates is not simply the central bank’s latest interest rate increase but a statement indicating a series of rapid increases. This was the first time since the financial crisis that the Fed was definitive about raising interest rates quickly. Those who are positioning now for to go down can get squeezed, and as a result of short covering, and silver have the potential to scream higher. Aggressive traders may consider buying for a short-term trade.”
 
The government’s Monetisation Scheme and Sovereign Bond scheme have together collected 22 tonnes. Of this, “six tonnes have come under the GMS since November 2015 and 16 tonnes of bonds, including the one which closed recently”, according to an official of the ministry of finance. This meant two tonnes of SGBs were sold in the latest issue.
 
Zaveri Bazar here saw standard closing Rs 40 higher at Rs 28,530 per 10g on Monday. The global price was $1,231 an ounce.
 
Silver in Mumbai closed marginally up by Rs 55 to close at Rs 41,380 per kg; abroad, it was trading at $17.38 an oz.

image
Business Standard
177 22

Gold import gains momentum

Industry estimates that first quarter of 2017 may end with imports around 200 tonnes

imports have picked up pace in 2017, after several dull months.
 
After 50 tonnes in January, February saw 80 tonnes of import; demand has continued in March, keeping jewellers busy. The industry estimate is 200 tonnes in the year’s first quarter.
 
The December quarter saw import of 214 tonnes, mostly because of high demand during Diwali and the post-period.
 
Shekhar Bhandari, senior executive vice-president at Kotak Mahindra Bank, said: “Demand for has picked up. With a falling dollar index and a rising US price, the price in India has become attractive with an appreciating rupee. With the Akshay Tritiya festival in the fourth week of April, one should see continued demand over the next five to six weeks.”
 
Marriage-related buying is also back with cash availability having improved for small consumers. Banking channels and cards are being widely used.
 
Nigam Arora, a noted investor, says: “these days is more influenced by India and China. This demand shows recovery.”
 
graph


On prices, he said, “The US Fed's decision to raise rates is not simply the central bank’s latest interest rate increase but a statement indicating a series of rapid increases. This was the first time since the financial crisis that the Fed was definitive about raising interest rates quickly. Those who are positioning now for to go down can get squeezed, and as a result of short covering, and silver have the potential to scream higher. Aggressive traders may consider buying for a short-term trade.”
 
The government’s Monetisation Scheme and Sovereign Bond scheme have together collected 22 tonnes. Of this, “six tonnes have come under the GMS since November 2015 and 16 tonnes of bonds, including the one which closed recently”, according to an official of the ministry of finance. This meant two tonnes of SGBs were sold in the latest issue.
 
Zaveri Bazar here saw standard closing Rs 40 higher at Rs 28,530 per 10g on Monday. The global price was $1,231 an ounce.
 
Silver in Mumbai closed marginally up by Rs 55 to close at Rs 41,380 per kg; abroad, it was trading at $17.38 an oz.

image
Business Standard
177 22