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India Gold imports may bounce back to 80 tons in March

India Gold imports may bounce back to 80 tons in March

March 11, 2018


India’s gold imports have plunged to 63 tons during the month of February this year, a drop of 25 percent as compared to 84 tons in February 2017, according to the latest data released by the precious metals consultancy GFMS.


Gold prices in India, the world's second-biggest consumer of bullion, had risen sharply in the first two months of the year and traders had held back on buying gold in anticipation of a reduction in import duties.


However imports have already picked up noticeably again as compared with 41.3 tons in January this year.


India's gold imports are likely to bounce back to above 80 tons in March due to Akshay Tritiya festival next month. Indians will celebrate Akshay Tritiya festival in mid-April, when buying gold is considered auspicious.


Wedding season will pick up from next month also boost gold demand in March.


According to the World Gold Council, gold demand in India increased nine per cent last year to 727 tons. However, it was much lesser than the average five-year demand of 810 tons.