India’s gold imports to rebound in 2017 on restocking, good monsoon: MMTC-PAMP - News Summed Up

India’s gold imports to rebound in 2017 on restocking, good monsoon: MMTC-PAMP


India, whose gold consumption is rivalled only by China’s, imported 557.7 tonnes of gold in 2016, the lowest in 13 years, according to the World Gold Council. Panaji: India’s gold imports are likely to jump by a third in 2017 to 750 tonnes on restocking by jewellers and as good monsoon rainfall is expected to boost demand in rural areas during the upcoming festive season, a leading refiner told Reuters. This will boost rural demand during the festivals,” said a Singapore-based official with a leading gold supplying bank to India. Two-thirds of India’s gold demand comes from rural areas, where jewellery is a traditional store of wealth. The quarter ending in December typically accounts for about a third of India’s gold sales since it includes the start of the wedding season and festivals such as Dhanteras and Diwali, when buying gold is considered auspicious.


Source: Mint August 13, 2017 06:33 UTC



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