1. Gold imports drop 10.3 per cent to $1.8 billion in September

Gold imports drop 10.3 per cent to $1.8 billion in September

Gold imports fell 10.3 per cent to $1.80 billion in September due to sliding prices of the metal in both global and domestic markets.

By: | New Delhi | Updated: October 14, 2016 10:06 PM
Gold-Reu-L According to the data of the commerce ministry, gold imports had stood at billion in September last year. (Source: Reuters)

Gold imports fell 10.3 per cent to $1.80 billion in September due to sliding prices of the metal in both global and domestic markets.

According to the data of the commerce ministry, gold imports had stood at $2 billion in September last year.

The imports of the metal have been declining since February this year. Dip in the imports help contain the current account deficit (CAD).

The contraction helped narrowing the trade deficit to $8.33 billion in September this year as against $10.16 billion in the same month of 2015.

The imports mainly take care of demand of jewellery industry.

For the full year, CAD stood at $22.1 billion, 1.1 per cent of GDP, as against $26.8 billion, 1.3 per cent, in 2014-15.

As per the data, silver imports too went down to $139.16 million in September as against $484.74 million in the same month last year.

The country’s total official gold imports declined to 60 tonnes in April-July of this fiscal, much lower than 250 tonnes in the year-ago period.

India, the world’s second biggest gold consumer after China, imported 650 tonnes in 2015-16.

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