At 52MT, Gold Imports Plunge to an 8-Year Low

Thanks to high gold prices and poor demand, the gold imports in Gujarat have plunged to an eight-year low in the financial year 2018-19 that ended on March 31. According to data by Ahmedabad Air Cargo Complex, the imports of the yellow metal stood at 51.98 metric tonne (MT) in Gujarat in FY 2018-19. This means, gold imports declined by 30% against 74.2MT gold imported in the state in FY 2017-18.

Analysts indicate that the dip in gold imports can be attributed to the price of gold that remained on the higher side throughout the year. Gold prices settled at Rs 32,800 per 10 gram on Monday, including 3% Goods and Services Tax (GST. Jewellers said that the demand for gold remained low due to an over all slow movement in the economic activity.

Read the full story here: Times of India