Gold import increases in first quarter
Posted on: 03/Aug/2015 10:06:35 AM
Gold imports have shot up drastically in the first two months of the current fiscal year. India has imported 155 tonnes as on date of the current year. The monetary value has increased by 61 per cent owing to rising global gold prices. The easing of restrictions by the Reserve Bank of India (RBI) is also a factor in the increase of imports. India is the world`s largest importer of gold. Majority of the gold is for the jewellery market.
Gold has been trading weakly in the global market. It closed at US$ 1,095.10 last Friday in New York. The RBI had earlier had a policy called 80:20, in which, 20 per cent of gold imports were to be exported again. However, this policy was scrapped in November of last year. In the financial year 2014-15, India imported 915.54 tonnes of gold. It imported 661.71 tonnes the previous year.
