Precious Metal Surged to $3.80 Billion in Dec Month

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Precious Metal Surged to $3.80 Billion in Dec MonthGold Silver Reports ~ India’s place in the Gold market is special if you check some facts about gold consumption. The country’s appetite for the yellow metal is something that should be written in golden letters in the annals of the history of gold. The country’s greed for gold is validated by the latest import bill.

India’s imports of the precious metal surged to $3.80 billion in December from $1.36 billion in the yearago period. The imports of gold more than doubled as suggested by the import bill. The increase in imports might be due to the surge in demand observed in December prompted by the gold price slump in 2015.

Meanwhile, India’s total imports during Dec month, 2015 were valued at $ 33961.48 million which was 3.88 per cent lower in Dollar terms and 2.00 per cent higher in Rupeeterms over the level of imports valued at $ 35333.27 million (Rs. 221726.88 crore) in December, 2014. Trade deficit widened to $11.6 billion in December against USD 9.1 billion in the year-ago period. ~ Neal Bhai Reports