After several dull months, Gold imports are back in action. In January, The imports were at 50 tonnes and in February increased to 80 tonnes and also in March the demand has been picking up as well. In year’s first quarter, 200 tonnes of gold will be imported, expected by the industry.
Because of the festive and wedding season, the gold import was seen at 214 tonnes In the last quarter and also sudden demand rise in the post¬-demonetisation period was the reason. Indian gold will be an attractive choice due to the falling dollar and rising price of gold in the US along with an appreciating rupee, said by financial experts. Also for coming few weeks, Akshay Tritiya in April would keep the demand strong. Marriage ¬related buying will also pick up as the cash situation of the country has improved.
By India and China, these days gold prices are influenced and in demand, there is an improvement.
Interest rates are quickly increased by US Fed. As aggressive traders may buy gold for short term, so the chances of gold and silver prices might increase in short term at this time. 22 tonnes were collected by the Indian government due to Gold Monetisation Scheme and Sovereign Gold Bond scheme.
At Rs 28,530 per 10g, In Mumbai Zaveri Bazar gold closing on Monday was Rs 40. $1,231 an ounce was the international rate of gold.