India Gold Imports Said to Rebound Amid Signs India’s Tax Woes Fading

Gold Silver Reports – ✅ India Gold imports by India, the world’s second-biggest market after China, surged 37 percent in December after falling for three straight months, according to a person familiar with the data.

India Gold Imports

Inward shipments increased to 77.7 metric tons from 56.9 tons a year ago, the person said, asking not to be named as the information isn’t public. In value terms, purchases rose 39.8 percent to 176.7 billion rupees ($2.8 billion). Finance Ministry spokesman D.S. Malik declined to comment.

The data is the latest sign that Asia’s No. 3 economy is recovering from a new consumption tax implemented in July, which had weakened demand and disrupted businesses. Jewelry is among India’s top exports, accounting for about 15 percent of total sales from April through October.

Including December’s purchases, India’s total imports of gold jumped 66 percent in 2017 to 946.3 tons.

Read More: Price of Gold in 2018: Can It Keep Moving Higher?

Indian consumers probably bought 650-750 tons of the metal last year, according to the World Gold Council — similar to 2016 levels which marked the slackest demand since 2009. In the past year, the sector has also been hurt by tougher requirements for buyers to prove their identity before a purchase, and the capping of the amount of cash used in these transactions.

Gold has started 2018 strongly. The metal is up for a fourth straight week, the longest stretch since June. – Neal Bhai Reports

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

2 thoughts on “India Gold Imports Said to Rebound Amid Signs India’s Tax Woes Fading”

  1. ग्लोबल बाजार में सोने में हल्का दबाव देखने को मिल रहा है। कॉमैक्स पर सोना 1,322 डॉलर के पास कारोबार कर रहा है। चांदी में भी थोड़ी नरमी दिख रही है। कॉमैक्स पर चांदी 0.15 फीसदी गिरकर 17.25 डॉलर पर कारोबार कर रही है।

  2. अंतरराष्ट्रीय बाजार में कच्चे तेल में बढ़त बरकरार है। नायमैक्स पर डब्ल्यूटीआई क्रूड 0.4 फीसदी तक उछलकर 61.5 डॉलर के ऊपर कारोबार कर रहा है। ब्रेंट क्रूड 0.25 फीसदी की बढ़त के साथ 67.8 डॉलर पर कारोबार कर रहा है।

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