Gold import resumes after two months

NEW DELHI: After lying low for two straight months, India has imported an estimated 10-15 tonnes gold in the first fortnight of the current month and it may go up if prices drop further, a bullion expert said.

"India's gold import is estimated to be between 10 and 15 tonnes in the first fortnight of the current month," Bombay Bullion Association President Suresh Hundia told PTI.

There was no import in February and March as Indian bullion traders stayed away from market due to high prices, he said.

"As prices have fallen from the high of USD 1,000 per ounce, traders have started placing orders," Hundia noted.

Gold prices crossed USD 1,000 per ounce in February. Earlier in the day World Gold Council said India's demand may rise during Akshaya Tritiya, an auspicious day for buying precious metals even as gold prices are projected to further appreciate in the coming months.

Indian consumers could see further rise of around 24 per cent in gold prices depending on the rupee-dollar movement in the coming months, it said.

"It would be fair to say that this (Akshaya Tritiya) is the most favourable time to buy gold," it said in a statement.

At present, gold prices are ruling at Rs 14,300 per 10 gram in the domestic market.