" /> ‘Phenomenal’ Rise in India’s Gold Imports A Concern
Saturday, October 22nd, 2016 3:23 AM
Breaking News

Home / Commodity News / ‘Phenomenal’ Rise in India’s Gold Imports A Concern

‘Phenomenal’ Rise in India’s Gold Imports A Concern

‘Phenomenal’ Rise in India’s Gold Imports A ConcernA ‘phenomenal’ rise in India’s gold imports is a concern and the government will watch the impact from a recent easing in gold import rules, Trade Secretary Rajeev Kher said on Tuesday.

Gold imports jumped 34 percent in November to $5.61 billion, sending India’s trade deficit to a 18 month high, data showed late on Monday.

Despite the surge in gold imports, India late last month scrapped a rule mandating traders to export 20 percent of all gold imported into the country.

Kher, at an event in Mumbai, also said the rupee at 60-62 per dollar was good for exporters, although he added he would be a “little more concerned” if the rupee falls further.

The rupee earlier dropped to a 13 month low of 63.54 to the dollar on worries about the turmoil in global markets.

About Neal Bhai

Neal Bhai 9899900589 and 9582247600, We Make Ideas

Check Also

Customers Hold on to Old Gold as Prices Fall

Gold Silver Reports — Customers Hold on to Old Gold as Prices Fall — The decline in gold prices …

We Make Ideas


Our site is objectively in letter and spirit, based on pure Technical Analysis. All other content(s), viz., International News, Indian Business News, Investment Psychology, Cartoons, Caricatures, etc are all to give additional ambiance and make the reader more enlightening. As the markets are super dynamic by very nature, you are assumed to be exercising discretion and constraint as per your emotional, financial and other resources. This blog will never ever create rumors or have any intention for bad propaganda. We report rumors and hear-say but never create the same. This is for your information and assessment. For more information please read our Risk Disclaimer and Terms of Use.

Technically Yours,

Team GoldSilverReports.com, New Delhi, INDIA