18.11.2014 - 'Modi effect' aids surge in gold import
India’s gold import bill for October rose 280 per cent over a year before, to $4.18 billion. Imports of silver surged 136 per cent, to $686 million. These import bills are the highest since May 2013. Apart from marriage and festival-related demand, imports are also rising due to lower prices of both precious commodities. The World Gold Council (WGC) said the rise in demand for gold over recent months — it has picked up pace since June — was due to the “Modi effect”. It said in a report on the demand trend for the quarter ended September: “General sentiment among the Indian populace is on the up, aided by confidence in the new government.......................................Full Article: Source
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