The imports of gold in the first eight months of this calendar year were almost $24 billion. For the remaining four months of calendar 2015, the street expects another 300 tonnes or $13-13.5 billion worth of import. The total imports of gold for calendar year 2014 stood at $31.2 billion.
This year the prices of gold have remained on the lower side and are quoting at around $1,100 an ounce compared to $1,250-1,300 an ounce last year. However, after withdrawal of the 80:20 import restrictions last year-end, imports have increased. They slowed in May-June on fear of low rural demand due to a weak monsoon but a fall in prices from end-July led to a sudden rise in import, ahead of the festive season.
Further, there is spurt in import of dore, the semi-pure alloys, due to increasing capacities of gold refineries in India. For the complete 2014 the import stood at 120 tonnes compared to 150 tonnes in January-August 2015.