At 52MT, gold imports plunge to an 8-year low

NEW DELHI: 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. “Due to fluctuation in the Indian currency, which devaluated past the 70-mark against the US dollar, the price of gold in India was high, despite the price remaining low in the international market.

Similarly, when the rupee stabilized, gold prices in the international market went up, thus pushing the price of the yellow metal up,” said Haresh Acharya, director, India Bullion and Jewellers Association (IBJA).

Courtesy: Times of India