India's Gold imports shoot up in 2017

Mumbai (Jan 19)  India, the world’s second largest consumer of Gold, has witnessed import hike of 53 percent to 846 tons last year against 550 tons of the yellow metal in 2016, on strong domestic demand and lower global prices, according to MMTC-PAMP India.

 In December 2017 alone, Gold imports rose to 70 tonnes from 49 tonnes in the year-ago period.

 Strong festival and wedding season demand coupled with attractive global price situation led to increase in the volume of yellow metal imports.

 Global prices of Gold remained lower between USD 1,200 per ounce and USD 1,300 per ounce. Now, they are ruling higher at above Rs 1,330 per ounce level.

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