Mumbai, June 6: Rising gold prices hit hard the import demand of the
metal, declining by 54 per cent, in May, as against the same period
last year.
The import of gold in the country, which is the largest importer of
the precious metal, fell to 32 metric tons, compared with 69 tons a
year ago, according to a provisional data compiled by the Bombay
Bullion Association, which represent nearly 250 Companies in bullion
trade.
"Though the demand still below expectations as prices rising over Rs
12,690 per ten gram has faded demand for gold, but its better from a
level last seen in November and December," said the association
president Suresh Hundia.
The precious metal's import in the peak season of November and
December last year fell to 12 metric ton, which was less than 75 per
cent with the corresponding month, he said, and added,"reason being
the metal surge to record high of Rs 13,500 per ten gram." Suresh
said.
Gold prices has advanced 31 percent in the past year, touching a
record 1,030.70 US dollar an ounce in March in the global Markets,
eroding the demand for gold all over the world, he said.
"The conditions are improving from the beginning of this year as in
April, gold imports in March fell to 22 metric tons from 58 metric
tons in the previous year," Suresh said.
Source: Financial Express
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