Gold imports jump over 2-fold to $13.35 bn in April-July
India’s gold imports more than doubled to USD 13.35 billion during the April-July period of the current fiscal, according to the data of the commerce ministry, reported PTI. Gold imports, which has bearing on the country’s current account deficit (CAD), stood at USD 4.97 billion in April-July 2016-17. In July this year, imports of the precious metal rose to USD 2.10 billion from USD 1.07 billion in the same month of the previous year.
Gold prices inched up early on Wednesday after two days of losses, with investors awaiting minutes from the U.S. Federal Reserve’s last meeting in July for clues on the pace of potential interest rate hikes.
Spot gold inched 0.1 percent higher to $1,272.81 per ounce by 0357 GMT, after falling for two straight days.
U.S. gold futures for December delivery was down 0.1 %at $1,278.50 an ounce.
* Gold trading range for the day is 28949-29229.
* Gold prices edged lower, pulling back from their highest level in around two months as concerns about tensions between the U.S. and North Korea eased.
* 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.
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