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Gold Imports Soar In India As Wedding Season Approaches

Gold traders purchased the bulk of imports in the first three weeks of January, ahead of the import duty hike that came into effect on 21st.

by Shivom Seth
Mine Web

MUMBAI (Mineweb) – Bullion traders across the country are one step ahead of the Indian government. Even as the government was pondering a proposal to hike customs duty on the import of gold this month, gold imports soared by 15% to 75 tonnes in January.

Though the government did go ahead and ultimately raise duties by 50% from 4% to 6% on January 21, bullion traders cornered most of the precious metal in the first three weeks of the month in anticipation of the hike in customs duty.

India’s gold imports climbed to $56 billion from $21 billion between 2009 and 2012, despite an 81% price hike in domestic prices. The country’s Finance Minister has also indicated that the government is considering stringent measures to curb gold imports.

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