Gold imports on the rise

India, the world’s largest consumer of gold, has imported the yellow metal worth Rs 76 lakh during the first ten months of 2008-09, the government informed Parliament on Monday.

Interestingly, the value of import during April-January of last fiscal exceeded the total imports in 2007-08, which stood at Rs 67 lakh, it said. In a written reply to the Lok Sabha, Minister of State for Commerce Jyotiraditya M Scindia said rough estimates placed gold demand in the country at 700-800 tonnes a year. On gold prices, he said, “The movement in prices of gold in India in the recent period is broadly in tandem with similar movements in international markets.”

Various factors such as demand and supply, investor interest, interest rates, movement in the exchange rate of US dollar vis-a-vis other currencies affect the gold price, he said.

In a separate reply, the minister said that the country’s rubber imports stood at 44,083 tonnes during first three months of the current fiscal whereas exports have remained at 834 tonnes. There is no fixed quota for natural rubber export on account of high volatility in prices after the lifting of quantity restriction from April 2001, he said.

Gold rises by Rs 95
Gold prices today rose by Rs 95 to close at Rs 14,805 per 10 gm in the bullion market here on buying by stockists and jewellery fabricators amid weak stock market.

Silver gained Rs 100 to settle at Rs 21,500 a kg on good industrial demand.

Marketmen said buying by stockists and jewellery fabricators pushed up gold prices. Standard gold and ornaments surged by Rs 95 each to Rs 14,805 per 10 gm and Rs 14,655 per 10 gm respectively. Sovereign gained Rs 25 to Rs 12,325 per piece of 8 gm.