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| Gold imports fall by 67.5% to 7.8 tonnes in July |
| Press Trust of India / New Delhi Aug 17, 2009, 18:12 IST |
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Gold imports fell sharply in July to 7.8 tonnes from 24 tonnes in the same month last year as demand dropped amid rising prices.
"Gold imports stand at 7.8 tonnes in July 2009 compared to 24 tonnes in the same month last year, a 67.5 per cent decline," data provided by the Bombay Bullion Association shows.
The demand for the precious metal declined as the prices hovered between Rs 14,500 and Rs 15,000 per 10 grams level in the domestic markets, Bombay Bullion Association President Suresh Hundia told PTI from Mumbai.
Multi Commodity Exchange October gold was ruling at Rs 14,865 per 10 grams today, while in global markets it was at $935.8 an ounce (28.34 grams).
Gold imports have been sluggish so far this year and was at 59.4 tonnes during January-July 2009, as compared to 163 tonnes in the same period last year, the data revealed.
In January, only 1.8 tonnes of gold was imported followed by no imports during February and March due to lack of demand due to high prices.
In April, the country imported 20 tonnes on account of 'Akshaya Tritiya' -- a festival considered auspicious for buying gold.
However, analysts say the fall witnessed in equity markets across the world today will put pressure on all metals, including precious metals.
According to brokerage firm SMC Global's Rajesh Jain, the dollar index has taken a sharp rally due to 5.8 per cent, the largest ever, fall in Chinese equity market.
The dollar index today strengthened by 0.7 per cent putting pressure on gold.
This may encourage people to invest in gold and may boost imports, Jain added.
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