India imports 37.5 tonnes gold in September

NEW DELHI: Gold imports rose by 72 per cent to 37.5 tonnes in September as compared to previous month on the back of increased demand during festive season.

The precious metal import stood at 21.8 tonnes in August after witnessing nearly three-fold increase from July's 7.8 tonnes, data provided by the Bombay Bullion Association showed.

The volume of shipment increased due to festive season demand, starting with 'Durga Puja' and 'Navratras' and followed by 'Dhanteras' and 'Diwali', Bombay Bullion Association Director Suresh Hundia said.

However, he said, the imports is likely to fall from this level in October after the festival demand is over.

"After 'Dhanteres', considered auspicious for buying the yellow metal and was celebrated on October 15 and 16, there was hardly any imports and till October 22 the shipment stood at 27 tonnes, which will not go up much till the month-end," he added.

During the festival season this year the demand was more for gold coins than for retail jewellery as the prices were ruling above the Rs 16,000 per 10 grams level, he added.

He said the high prices are likely to affect the demand. Gold prices were ruling at Rs 15,898 per 10 grams for MCX December delivery and on the international comex it stood at 1,034.8 dollar an ounce (28.34 grams).

The imports stood at 54 tonnes in the same month last year.