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India's February gold imports surge on pent-up demand, GFMS says
By Rajendra Jadhav
Wednesday, March 1, 2017
MUMBAI, India -- India's February gold imports surged to 50 tonnes, up more than 82 percent from a year ago, on pent-up jeweller demand and as retail consumers ramped up purchases for weddings, provisional data from consultancy GFMS showed on Wednesday.
The rise in imports by the world's second-biggest consumer of the precious metal will support global prices that are trading near their highest level in 3 1/2 months, but could widen the South Asian country's trade deficit.
"Pent-up demand on the ease of the cash crunch and wedding related demand lifted imports in February," said Sudheesh Nambiath, a senior analyst at GFMS, a division of Thomson Reuters. ...
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