India September Gold imports shoot up by 31% to 48 tons

Mumbai (Oct 11)  India’s Gold imports shot up by 31% year-on-year to 48 tons during the month of September this year due to an increase in jewellers purchases ahead of a festival at the end of the month, according to data from GFMS.

 India’s rising gold purchase likely to boost international prices that are trading near their highest level in a week. The higher imports may also widen the India’s trade deficit.

 Much of the gain last month was simply due to the Indian holiday of Dussehra being celebrated on September 30, rather than in October last year, as the holiday shifts since it is based on a lunar calendar.

 Gold buying during Dussehra is considered auspicious. This year since Dussehra was advanced by a fortnight, import numbers for September are looking better than last year.

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