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Gold imports surge 3-fold to $3.85 bn in Apr

Press Trust of India  |  New Delhi 

Recording a three-fold jump, India's gold rose to USD 3.85 billion in April, mainly on account of Akshaya Tritiya.

Gold stood at USD 1.23 billion in April last year, as per official data released today.

of the precious metal were on a decline between February and September last year. They grew in October and November but again dipped in December and January.

In February and March, they recorded high growth rates.

In March this year, gold had risen to USD 4.17 billion from USD 974 million in the same month previous year.

Surge in gold in April contributed to the widening of trade deficit to USD 13.2 billion as against USD 4.84 billion in April 2016.

Silver too grew by 61 per cent to USD 353 million in April.

is the world's second biggest gold consumer after The mainly take care of demand by the jewellery industry.

In volume terms, imported 560.32 tonnes of gold during April-January period of the last fiscal.

At present, gold import attracts 10 per cent duty. The gems and jewellery industry along with the commerce ministry have time and again urged the Finance Ministry to consider a cut in the import duty.

During April to December period of last fiscal ended March 31, the current account deficit halved to 0.7 per cent, from 1.4 per cent a year ago.

The surge in gold in April is on account of low base effect and the increase in demand due to Akshaya Tritiya, which fell on April 28.

ICRA Ltd said that the surge in was led by restocking, as well as festive season demand.

"The volume of gold is likely to taper off in the coming months," it said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 15 2017. 21:57 IST