‘India may import record gold in April-June’

With demand being robust due to fall in gold prices,India’s import of the yellow metal in April-June period is expected to touch a record level

Written by Press Trust Of India | New Delhi | Published: May 31, 2013 1:29 am

With demand being robust due to fall in gold prices,India’s import of the yellow metal in April-June period is expected to touch a record level at 300-400 tonnes,according to the World Gold Council (WGC).

Unprecedented levels of demand in the last quarter owing to lower gold prices has led to depletion of stocks in a number of key markets. Jewellery shops in China and India have run low or in some cases completely out of stock,it said.

“In India,imports of gold are headed towards record levels in Q2 of 2013. We anticipate 300-400 tonnes of imports in the second quarter,as much as a 200 per cent year-on-year increase and almost half of total imports last year,” the WGC said in its market update for the second quarter of this year.

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