India???s gold import rises 7.8% in Jan-July 2010 period
Gold import of the country has gone up by 7.8% during the January-July 2010 period to 171.6 tonnes from 159.2 tonnes in the year ago period on the back of huge festive demand for the yellow metal from consumers. The first half of the year is generally a marriage season in the country.
Narrow trading range for the domestic equity markets since the beginning of 2010 also lured most of the investors to gold buying, which eventually pushed the import of the metal higher. For year to date, the BSE???s benchmark index — Sensex — has gained around 3% while the gold prices have short-up by close to 9% during the same period.
Though in the current month gold imports declined by around 44% on year-on-year basis, the figure showed rise of 16% on month-on-month basis. Gold imports for July 2010 stood at 16 tonnes against 28.4 tonnes in July 2009. Last year during this period, investors as well as retail consumers made a beeline for the gold as a safest heaven for investment after burning their fingers in the crash of the global equities in 2008 and early 2009.
World Gold Council (WGC) has projected a strong demand for gold in the second half of 2010. The demand for the yellow metal in India generally picks-up during the latter half of the year led by buying in Diwali and Dashehara.
India???s gold import in 2009 had decreased by 19% to 339.8 tonnes as compared to 420 tonnes in 2008.
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