Gold import in May estimated at 35 tonnes

Since June 13 monthly import has averaged below 30 tonnes

It is estimated gold import in May stood at 35 tonnes, in line with the trend seen in the past few months, when imports have been about 40 tonnes. A substantial amount of gold, however, has been coming into India through the unofficial route.

In May 2013, India had seen record gold import of 161 tonnes. This had led to sharp reactions from policymakers, with the Reserve Bank of India putting stringent restrictions on import.

Now, it is being hoped some restrictions on gold import will be removed. In 2013-14, India’s import of gold and silver was worth $28 billion. Many large brokerages estimate this to rise to $40 billion in 2014-15. Some unofficial inflows seen last year may return to the official route.