Indian Gold Imports Drop 59.5% in October

Gold imports plunged by 59.5 per cent to $ 1.7 billion in October which will help curb the country’s Current Account Deficit (CAD).

The sliding prices of the yellow metal is one of the reasons for a dip in imports. The prices are declining in both global and domestic markets.

The gold imports stood at $ 4.20 billion in October 2014.

The contraction in imports helped in narrowing the trade deficit to $ 9.76 billion in October, lowest since February. It was $ 6.85 billion in that month.

This year, the imports of the yellow metal were up 62.2 per cent and 140 per cent in July and August, respectively. In September, the inward shipments declined by 45.6 per cent.

India is the largest importer of gold in the world. The imports mainly cater to the demand of jewellery industry.

via Economic Times

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza