Skip to content
Search

Latest Stories

India's October gold imports surge to 31-month high amid festive demand

In value terms, October imports nearly doubled to $7.23 billion from $3.7 billion a year earlier

India's October gold imports surge to 31-month high amid festive demand

October witnessed a 60% surge in India's gold imports compared to the previous year, reaching a 31-month peak. The decrease in prices just before an important festival prompted jewellers to increase their purchases, a government source on Monday (20) said.

Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices XAU=, but may also widen India's trade deficit and put pressure on the ailing rupee INR=D4.


India imported 123 metric tons of gold in October, compared with 77 tons a year earlier, the source said.

The average monthly imports in October in the past decade were around 66 tons.

In value terms, October imports nearly doubled to $7.23 billion from $3.7 billion a year earlier, he said.

At the start of October, local prices MAUc1 fell to their lowest level in seven months, providing an opportunity for jewellers to stock up for festivals, said a Mumbai-based bullion dealer with a private bank.

"Jewellers were operating with lower stocks and were eager to replenish at the reduced price levels observed in October," he said.

Indians celebrated the Hindu festival Dussehra in October and Diwali last week, when buying gold is considered auspicious.

Local gold futures MAUc1 jumped to a record high of 61,914 rupees per 10 grams in November, but demand remained robust during Diwali, said Amit Modak, CEO at jeweller PN Gadgil and Sons in the city of Pune.

There was strong demand for coins and bars as people viewed gold as a long-term investment product, leading to increased purchases, he said.

In November, gold imports could drop to 80 tons, which would still exceed last year's 67 tons, given the improving demand during the upcoming wedding season, the bank dealer said.

Weddings are one of the biggest drivers of gold purchases in India as bullion in the form of jewellery is an essential part of a bride's dowry and also a popular gift from family and guests.

(Reuters

More For You

Trump plans to meet Starmer 'very soon'

Keir Starmer, Donald Trump. (Photo: Getty Images)

Trump plans to meet Starmer 'very soon'

US president Donald Trump said he had agreed to meet prime minister Keir Starmer and that the British leader wanted to travel to the US in the coming weeks.

Starmer's office had said earlier on Friday (14) that he discussed visiting the US on a call with Trump the day before, part of London's efforts to press its case with a US president whose overhaul of trade and foreign policy has shaken much of the world.

Keep ReadingShow less
Man found guilty of rape and murder of Irish backpacker in India

McLaughlin, 28, from County Donegal, was found dead in a field in Goa in March 2017. (Photo credit: Twitter)

Man found guilty of rape and murder of Irish backpacker in India

A COURT in India has found Vikat Bhagat guilty of the rape and murder of Irish backpacker Danielle McLaughlin.

McLaughlin, 28, from County Donegal, was found dead in a field in Goa in March 2017.

Keep ReadingShow less
Alderman Alastair King

King, who serves as the global ambassador for the City of London, will be in Mumbai to discuss trade and investment under his mayoral theme, 'Growth Unleashed.'

Lord Mayor of London to visit India for trade talks

THE LORD MAYOR of London, Alderman Alastair King, is set to visit India for a week starting Saturday, aiming to promote free trade and capital flows between the two countries.

King, who serves as the global ambassador for the City of London, will be in Mumbai to discuss trade and investment under his mayoral theme, “Growth Unleashed.”

Keep ReadingShow less
trump-modi-washington-getty

The meeting came hours after Trump criticised India’s business environment and announced plans for reciprocal tariffs on countries that impose duties on US imports. (Photo: Getty Images)

Modi and Trump agree to resolve trade disputes, discuss tariff concerns

INDIA and the US have agreed to begin negotiations aimed at resolving trade and tariff disputes, following talks between Indian prime minister Narendra Modi and US president Donald Trump in Washington.

India has committed to increasing purchases of US oil, gas, and defence equipment, while both sides pledged to address trade barriers.

Keep ReadingShow less
Pablo-Escobar-merchandise-Getty

Escobar, killed by security forces in 1993, remains a figure of global interest, with his image appearing on souvenirs like T-shirts, mugs, and keychains. (Photo: Getty Images)

Colombia considers ban on Pablo Escobar merchandise

COLOMBIA’s Congress is considering a bill that would ban the sale of merchandise featuring drug lord Pablo Escobar and other convicted criminals.

The proposed law aims to curb the glorification of Escobar, who was responsible for thousands of deaths during his time leading the Medellín cartel, reported BBC.

Keep ReadingShow less