Gold import soars 65% in October

Gold imports went up by 65% to 43 tonnes during October over the corresponding month last year following a rise in festive demand due to good monsoon despite the ruling high prices.

Gold imports went up by 65% to 43 tonnes during October over the corresponding month last year following a rise in festive demand due to good monsoon despite the ruling high prices. The import during October 2009 stood at 26 tonnes, according to data given by the Bombay Bullion Association.

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According to trade analysts, the signs of global economic recovery and good monsoon has given a drew customers to the appeal of the yellow metal despite the ruling high prices.

Gold on Saturday ruled at R 20,440 per 10 grams, while on the international market it was trading at $1,368.80 an ounce.

With increasing consumer confidence the imports are steadily rising and stood 8.2 tonnes more than in September, which was 34.8 tonnes.