Gold imports in April – September for the fiscal 2018-19 stood at 31.25 tonnes. This is higher than 28.17 tonne in the corresponding period in the previous fiscal, according to the Gujarat State Export Corporation Ltd (GSECL) data.
This is for the first time in the current fiscal that imports overtook the numbers in the previous fiscal. Gold imports in September 2018 stood at 4.16 tonnes compared to 1.30 tonnes in September 2017.
It is since July that monthly imports are higher than previous year. Imports in April-June for the fiscal stood at 11.79 tonnes compared to 25.19 tonnes in the previous fiscal. However, it has shot up July onwards. Imports in July-September this year rose to 19.46 tonnes compared to 2.98 tonnes in the previous year, which was in the immediate aftermath of the GST roll out.
Local jewellers say uncertainties at global trade, economic slowdown in the country, rising bad loans of banks, and uncertainties in equity markets has once again brought the focus on the yellow metal. “Gold has always been looked upon as a safe investment, not subject to violent fluctuations. Overall financial condition has made people repose their faith in physical gold,” said Jigar Soni, vice president of Jewellers Association, Ahmedabad.
Soni said with no signs of stability in global trade and the likelihood that rupee will further weaken against the dollar, prices of gold have more upside potential than a fall in price. Price of 99.9 purity gold in city market stood between Rs 31,400-31,700 per 10 gram, while that of 99.5 purity gold stood between Rs 31,250-31,550 per 10 grams.
from Daily News & Analysis https://ift.tt/2P4HYuQ
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