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MoneyWorks4Me

Gold imports jump 53% to 846 tonnes in 2017

18 Jan 2018 Evaluate

Gold imports rose 53% and stood at 846 tonnes in 2017 on account of strong festival and wedding season demand coupled with attractive global price situation. As per data compiled by MMTC-PAMP India, the world’s second largest gold consumer had imported 550 tonnes of the metal in 2016.

In December 2017 alone, gold imports rose to 70 tonnes from 49 tonnes in the year-ago period. Global prices of gold remained lower between $1,200 per ounce and $1,300 per ounce. Now, they are ruling higher at above Rs 1,330 per ounce level.

India is the world's second-biggest consumer of gold. Import duty on gold is 10% at present.