The rise in imports by India will support global prices that are trading near their highest level in three and a half months. Photo: Priyanka Parashar/ MintMumbai: India’s February gold imports surged to 50 tonnes, up more than 82% from a year ago, on pent-up jeweller demand and as retail consumers ramped up purchases for weddings, provisional data from consultancy GFMS showed on Wednesday. “Pent-up demand on the ease of the cash crunch and wedding related demand lifted imports in February,” said Sudheesh Nambiath, a senior analyst at GFMS, a division of Thomson Reuters. India’s gold imports in 2016 had fallen nearly 44% versus 2015 to 510.4 tonnes, the lowest level in 13 years. This year consumption and imports will rise as jewellery demand has been recovering,” said Bamalwa.

Source: Mint March 01, 2017 08:31 UTC