14th India International Gold Convention on 11-13 Aug 2017 at Grand Hyatt, Goa. Concluded Successfully...
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India imported less gold in month of October this year compared to last year. Official import stood at 5.23 metric tons this October, a decline of 43% compared to 9.2 tons in the same period last year. India had already imported 132 tons of gold in Q3 (July-Sept) ahead of festival and wedding season. Festival demand did not appear as anticipated as sales were down by 30 % during Dhanteras and Diwali in October. All eyes are now set for wedding related demand. Wedding season has already kicked in and in the next few weeks bullion dealers and jewelers anticipate a pick-up in demand. Gold jewellery or in bullion form is not cheap in India as customers have to pay 13% extra over the international gold price. Bullion dealers are also charging at present $3 premium on an ounce of gold in domestic market. It has been observed in last few years that consumers are adjusting their budget on account of high price which translates to lesser offtake of gold in quantity terms.