Indian gold demand rises sharply as price falls

Section:

India's Gold Import Bill Up 12%, Reaches $35 Billion in 2015

By Rajesh Bhayani
Business Standard, New Delhi
Saturday, January 16, 2016

MUMBAI -- India's gold import in December 2015 is estimated to have crossed 100 tonnes following sharp increase in demand for gold during the first and last weeks of the month, when prices fell sharply both in domestic and international markets. With 105 tonnes of estimated imports in December, India's total gross import in 2015 has crossed 900 tonnes, a jump of 25 percent over 2014.

In value terms, it is nearly 12 percent higher at $34.980 billion, as December's import bill is estimated around $3.7 billion. India imported $31.17 billion worth gold in 2014.

Sudheesh Nambiath, lead analyst with GFMS Thomson Reuters, said, "Gold demand increased in December when prices were at the lowest level this year, and as retailers increased their inventory to optimum levels, our estimate for December import is 107 tonnes."

Looking at annual figures, just over 700 tonnes were net imports as the balance were duty-free imports (for re-export after value addition).

Despite the sharp spurt in imports, the import bill has just gone up only 12 percent because of a fall in gold prices in the international market. Average international gold prices fell by 8 percent, while the price oscillated in a $246 range, a nearly 20-percent decline from the annual high. ...

... For the remainder of the report:

http://www.business-standard.com/article/markets/india-gold-import-bill-...



ADVERTISEMENT

Direct Ownership and Storage of Precious Metals
Outside the Banking System in Zurich and Singapore

Goldbroker.com is a precious metals investment company that enables investors to own and store gold directly in their own name (no mutualized ownership) in Zurich and Singapore.

Goldbroker's clients are not exposed to any counterparty risks. They own gold and silver in their own names (the ownership certificate cites the name of the investor and serial number of his bars) and they have storage accounts opened in their own name as well. So Goldbroker.com's storage partner knows the exact identity of each investor. Goldbroker.com doesn't store in the name of its clients; rather, Goldbroker's clients store personally. All investors have direct access to their gold and silver bars.

Goldbroker.com was launched in 2011 so that investors would avoid any counterparty risk when investing in physical gold and silver.

Goldbroker.com is listed among GATA's recommended monetary metals dealers:

http://www.gata.org/node/173

To invest or learn more, please visit:

https://www.goldbroker.com/



Join GATA here:

Vancouver Resource Investment Conference
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
Sunday-Monday, January 24-25, 2016

http://cambridgehouse.com/event/49/vancouver-resource-investment-confere...

Support GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16