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Steep fall in demand - Gold import business struggling
Posted on: 14/Mar/2017 11:33:06 AM
The gold import in India during the last month has come down to 54 tons. In the international arena, India is the lead in the usage of gold.
The country’s demand for gold is most taken care by imports ring the last financial year. India had imported 968 tons of gold.
With the central government announcing demonetization in November 2016, the circulation of money was severely affected, This, in turn, affected the sales of gold and silver.
Subsequently, the gold import in December 2016 was 54.10 tons and in January 2017, it was 53.20 tons.
However, during November 2016, the import of gold had actually increased to 119.20 tons.
During this current financial year, the import of gold during the period from April to January has come down to 546 tons. As compared to this, the corresponding figure for the previous financial year was 893 tons.
In this regard, an official from the Reserve Bank of India explained that 80 percent of the people in India buy gold or silver only through cash payment.
Following the demonetization, the cash circulation got severely affected leading to the fall in demand for gold.
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