Official data released by the Indian Ministry of Commerce show a significant increase in gold imports in the country in November this year, compared to the previous year. The fall in domestic gold prices led to a huge increase in demand, which in turn led to high consumption of the yellow metal.
The increase in imports was mainly due to the increased demand for gold from the jewelry industry. The holiday and wedding season also boosted imports. The recent move to demonize the government has also led to an increase in the purchase of gold as a vehicle to maximize the use of canceled high value-added banknotes. Meanwhile, analysts believe that gold imports are likely to decline in the coming months due to the newly introduced amendments to the Income Tax Law, which limits allowable inventories per person.
At the same time, world gold prices fell to a 10-month low on the testimony of the US Federal Reserve on a faster rise in interest rates than previously expected.
India gold imports up 23% in November
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Azovpromstal® 18 December 2016 г. 12:38 |
