Gold imports rose to 27.8 tonne in March 2010 | business | Hindustan Times
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Gold imports rose to 27.8 tonne in March 2010

business Updated: Apr 25, 2010 13:34 IST

PTI
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Gold imports in March stood at 27.8 tonne compared to nil in the same month last year as demand rose due to decline in prices to Rs 16,000 level from the peak of Rs 18,500 per 10 grams in December 2009.

According to experts, the imports rose due to increase in the investment demand for the precious metal, which is slightly bullish at present.

Moreover, they said, the prices are still a lot below the record high level of Rs 18,500 per 10 grams achieved during December 2009, they added.

Echoing the same view, Bombay Bullion Association Director Suresh Hundia said, "The shipments depend on gold price, which ruled at Rs 16,200 level in March."

He said prices again started climbing from first week of April, which may reflect negatively on this month's import figure.

However, in 2010, he said, the shipments will be slightly better than last year if there is no sudden surge in price and it continues to be stable.

In February, India's gold import stood at 28.8 tonne, one tonne more than March.

The cumulative gold import from April 2009-March 2010 is up by over 13 per cent at 301.3 tonne compared to 346.8 tonne in the corresponding period last year, Bombay Bullion Association data revealed.