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Lowest gold import since Sep 13
Posted on: 23/Feb/2016 6:35:43 PM
The overseas gold purchase in India is likely to fall and see a two year low in February, as the increase in price and promising slash on import tax keeps the buyers away, states industry sources.
While the world`s second largest market purchases so less causing dent in the gold bullion prices, the government can have a relief which has been facing troubles with gold import that was priced $36 billion in 2015.
Gold import in India is likely to drop to 25 tonnes by February, states median of estimates. This is about 67 percent lower than the levels a few months ago and the lowest since September 2013 when all the arrivals were affected by a government mandate to export one fifth of gold imports.
The imports are scaled down by banks and trading agencies. They are cornered to give out heavy discounts, says Bachhraj Bamalwa, director of All India Gems and Jewellery Trade Federation.
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