As gold imports surged by 571 per cent in November, commerce secretary Rajeev Kher on Tuesday said the government will adopt a wait-and-watch policy and take a call at an “appropriate time”. High gold imports are a cause for worry as it can push up the current account deficit (CAD).
Gold imports in November stood at $5.6 billion against $835 million in November, 2013.
The finance ministry on Tuesday raised import tariff value on gold to $396 per 10 grams from the earlier $388 per 10 grams.
The World Gold Council has estimated that jewellery demand in India jumped to 182.9 tonnes in the third quarter of 2014, almost matching the upsurge in the second quarter of 2013.