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India’s gold imports slump in August

Posted on 11 September 2013

India’s imports of gold in August fell to less than a 10th of what it bought a year earlier, as higher import tax and a weaker rupee currency drove up local prices to a near record and tighter rules made imports tougher. But demand is expected to pick up over the next two months because of the festival season, industry executives said.
India imported three metric tons of gold in the past month, compared with 35 tons a year earlier. The drop was even more dramatic compared with April, when imports totaled 142 tons as buyers rushed to take advantage of a fall in gold prices to a two-year low………………………………………..Full Article: Source


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