Posts Tagged ‘gold imports’

Imports of Gold Jumped to 37.5 Tonnes in September

Imports of Gold Jumped to 37.5 Tonnes in September

Imports of Gold Jumped to 37.5 Tonnes in September


The imports of Gold surged by 72 per cent to 37.5 tonnes in September as compared to previous month due to the increased demand during festive season.

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The gold import in August stood at 21.8 tonnes after witnessing a growth of nearly three-fold from 7.8 tonnes in July, data provided by the Bombay Bullion Association showed.

The volume of shipment surged due to festive season demand, Bombay Bullion Association quoted.

Moreover, BBA has said that the imports is likely to decline from this level in October after the festival demand is over.

During the festival season, this year, the demand was more for gold coins than for retail jewelery as the prices were hovered above the Rs 16,000 per 10 grams level.

The high prices are likely to affect the demand.

The gold prices were ruling at Rs 15,898 per 10 grams for MCX December delivery while it stood at 1,034.8 dollar an ounce (28.34 grams) on the international comex.

The imports stood at 54 tonnes in the same month last year.

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Gold Touches a New High of Rs 16,220 per 10 gram !

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Due to the speedy buying by stockists in advance of the festival season, in the midst of the global rates climbing to an 18-month high of $ 1,018.15 an ounce, GOLD rose by Rs 250 to touch a new high of Rs 16,220 per 10 gram in the gold market.

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However, it is said that after the metal in London increased to an 18-month high, the buying action gathered momentum as stockists indulged in buying gold.

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While, the concern was that a global economic revival may strengthen inflation in the midst of a weak dollar, enhancing demand for the metal as an alternative investment.

On the other hand, gold in overseas markets advanced 10.60 dollar, or 1.1%, to 1,018.15 dollar an ounce whereas silver coins also touched a record high of Rs 31,800 per 100 pieces.

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Further, standard gold and ornaments spurted by Rs 250 each to Rs 16,220 and Rs 16,070 per 10 gram, respectively.

On the other side, sovereign increased by Rs  50 to Rs 12,950 per piece of 8 gram.

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Marketmen said the precious metal might see new peaks in the coming days once the festival and marriage season starts on September 19.

Current upsurge maybe purely out of reason of stockists buying as retailers refrained from buying gold during ‘Sharaadh’, the ongoing inauspicious fortnight in Hindu mythology.

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According to analysts, gold may climb a high level of $1,100 an ounce in the overseas market in the next six months.

Silver ready shot up by Rs 700 to Rs 26,600 per kg and weekly-based delivery by Rs 910 to Rs 27,570 per kg.

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Silver coins rose to an all-time high by gaining Rs 200 to Rs 31,700 for buying and Rs 31,800 for selling of 100 pieces.

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However in between due to the increasing investment demand with the commencement of festival and marriage season, gold imports observed a huge rise during August at 21.8 tonnes as compared to the previous month where the import of the precious metal was 7.8 tonnes this year.

This shows that India’s gold imports have trebled in a gap of one month.

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