Business Standard

Silver import in Gujarat jumps by 194% in 2011-12

Related News

There has been a sharp rise in import of silver in Gujarat for the year 2011-12 compared to the previous year owing to better returns on in the precious metal.

According to the figures released by the customs department here, import of silver has increased by 193.76 per cent in FY12 compared to 2010-11. In year 2010-11, 328.64 metric tonne (MT) of silver, valued at Rs 1258 crore was imported. While in the year ended March 31, 2012 965.423 MT of silver valued at Rs 5177.58 crore was imported, a rise of 193.76 per cent.

President of the Manekchowk Gold Silver Association Harshwardhan Choksi said that steep increase in the imports was triggered by the high returns the investors got by investing in silver.

"Owing to the steady increase in the silver prices over the last couple of years many of the investors who previously used to invest in stocks and real estate have started investing in silver," Choksi said.

Also, increase in purchase power of people and rise in demand from industries have contributed to the hike in import of the precious metal, he said.

"There is nearly 100 per cent rise in people who want to invest in silver in the last 1-2 years," Choksi said.

Another bullion trader who did not want to be named said that since the investments in stock market and real estate were not giving good returns, many of the investors have shifted to silver.

They have seen over 60 per cent rise in investors wanting to invest in silver.

Also the physical trading has increased due to high prices of silver.

The spot price of silver in the Ahmedabad was quoted at Rs 55,830 per kg on Friday.

Read more on:   
|
|

Read More

Gold futures at record high of Rs 30,247

Gold futures prices today climbed to an all-time high of Rs 30,247 per 10 grams, as speculators engaged in creating positions, driven by ongoing ...

Quick Links

 

Market News

Price fall takes a massive toll of iron ore e-auction in Goa

Two-third of bidding quantity remained unsold in fifth round of bidding early this month

Crude oil slips below $78 a barrel

Brent crude oil fell below $78 a barrel on Thursday, as the demand outlook was hit by weak economic data in China and Europe, outweighing ...

Delisting gets tougher

The Securities and Exchange Board of India announced changes to delisting regulations on Wednesday. Companies will now have to acquire shares ...

Today's picks- 20 November 2014

Nifty, Bank Nifty, HCL Tech, Zee Entertainment & Cairn

BSE launches six additional derivative contracts

Revises circuit filter for 30 other companies

Back to Top