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India's gold import rises 45 pc to 48 tonnes in October

10:43 AM
NEW DELHI: India's gold imports surged by over 45 per cent in October at 48 tonnes on the back of rising demand, the country's largest state-run

gold importing firm MMTC said today.

India, the world's largest gold consumer, had imported 33 tonnes in the corresponding period last year, it said.

"Gold imports rose due to a sharp rise in jewellery demand and pick up in investment," MMTC Chairman and Managing Director Sanjiv Batra told reporters here.

Consequently, MMTC purchased 15.13 tonnes from the global market last month as against 10.42 tonnes in the same period in 2008-09, he said.

However, gold imports till October this fiscal remained lower at 510 tonnes, compared with 635 tonnes in the year-ago period, he noted.

Going forward, gold imports would improve during the third quarter (October-December), he said.

Gold prices today touched an all-time high of Rs 16,980 per 10 gram in the domestic bullion market, while in the global market, it crossed the crucial USD 1,115 an ounce level.

source : kitco
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