Page 4 - Gold Import

Gold import likely to fall to two-decade low on demand destruction

The reason for the demand destruction is a surge in prices and the subsequent lockdown, due to which footfalls at retail stores dropped significantly

June gold imports plunge 86% y-o-y to 11 tonnes due to lockdown: Report

In value terms, June imports dropped to $608.76 million from to $2.7 billion a year ago

Investors bullish on gold amid strong fundamentals, weak global economy

Despite falling imports into India and China, gold prices are moving up due to high investment and consumer demand in the US

India's gold imports fall 99% for a second month on Covid-19 lockdown

Inbound shipments fell to 1.3 tonnes last month from 105.8 tonnes a year earlier, according to a person familiar with the data

RBI gives exporters, importers liquidity and more time amid Covid-19 crisis

RBI took cognizance of the difficult situation amid the global coronavirus crisis and announced a number of measures for the export and import sector

Gold snaps seven-day rising streak, sheds 2.2% on profit booking

Appreciation of rupee versus dollar also helped gold price fall. But outlook remains bullish as metal continues to have safe haven appeal

April gold imports plunge 99.9% to three-decade low amid lockdown: Report

In value terms, April imports dropped to $2.84 million from to $3.97 billion a year ago

Surat diamond exports resume but a $2 billion inventory headache remains

So far, initial exports are estimated to be of the tune of Rs 600 crore which is minuscule compared to the polished diamond inventory

India's January gold imports plunge 48% to four-month low: Report

The world's second-biggest buyer of gold imported 36.26 tonnes in January, compared with 69.51 tonnes a year earlier, the source said on condition of anonymity

RBI ranked sixth among central banks in buying gold abroad

RBI was a modest player in buying gold abroad compared to other major central banks, adding to its reserve in October after a gap of five months

Gold imports dip 7% in Apr-Nov to $20 bn, jewellery exports down 1.5%

The decline in gold imports has helped in narrowing the country's trade deficit to $106.84 billion during the eight-month period

Indians sell record amount of old gold as prices hit 7-year-high

Consumers sold 37.9 tonnes of the yellow metal in June quarter, says World Gold Council

October gold imports dip 33% as near-record high prices lower sales: Report

New Delhi imported 38 tonnes of gold in October, down 33% from 57 tonnes a year ago

Banks forced to import gold when available at a 2% discount locally

Allowing banks to do local sourcing of gold that meets the standards will help solve many issues

Gold imports resume after 4 days as govt reverts to tariff value-based duty

The assumption that duty would now have to be worked out on the basis of transaction value had created confusion, prompting several importers to put orders on hold

Gold imports dip 3% to $32.8 bn in 2018-19, will keep a lid on CAD

Total imports of the precious metal in 2017-18 had stood at $ 33.7 billion, according to data from the commerce ministry

India may stop refined gold imports in next five years, say experts

In 3-5 years, domestic refineries would meet the whole demand

Gold imports dip 14.5% to 759 tonnes in 2018 on tepid demand, rule changes

Sluggish jewellery offtake due to higher prices and not so good monsoon stifled rural demand; Consumers were also reluctant to buy ornaments in cash beyond a limit

Gold import curbs with single focus of controlling CAD won't work: IGPC

The think tank proposes five-point plan to successfully bring down gold imports, urges clearance of bottlenecks to make GMS viable

Two-fold jump in gold imports in August as traders replenish inventory

With the fall in gold prices internationally, jewellers and traders imported 100 tons gold in the August to augment their inventories before falling rupee take away lower price advantage. However, the sudden jump in import is important when low rupee has again raised current account deficit worries. According to GFMS Thomson Reuters estimate, import of gold in India was 100 tons compared to 46.2 tons in August last year, resulting in doubling of import bill for gold in August. Gold import bill for August 2017 was $1.89 billion which is estimated to have doubled. Import growth in tons is 116.5 but average gold price in international market in August was down 6.5 per cent compared to previous August.Sudheesh Nambiath, head, India Gold Policy Centre set up by IIM-Ahmedabad said that, "jewellery show held last month has shown good turn out and jewellers were low on inventories. This has resulted in sharp jump in gold import in August as prices were also low which jewellers considered ...