Mumbai: Gold imports in March stood at 27.8 tonnes compared to nil in the same month last year as demand rose due to decline in prices to Rs16,000 level from the peak of Rs18,500 per 10 grams level in December 2009.
According to experts, the imports rose basically due to increase in the investment demand for the yellow metal, which is slightly bullish at present.
Moreover, they said, the prices are still a lot below the record high level of Rs18,500 per 10 grams achieved during December 2009, they added.
Echoing the same view, Bombay Bullion Association director Suresh Hundia said, “The shipments depends on gold price, which ruled at Rs16,200 level in March.”
He said prices again started climbing from first week of April, which may reflect negatively on April’s import figure.
However, in 2010, he said, the shipments will be slightly better than last year, if there is no sudden surge in price and it continued to be stable.
In February, India’s gold import stood at 28.8 tonnes, one tonne more than March.
The cumulative gold import from April 2009-March 2010 up by over 13% at 301.3 tonnes compared to 346.8 tonnes in the corresponding period previous year, Bombay Bullion Association data showed.