Notice: Undefined variable: images_size_articles_big in /home/jnico/public_html/catalog/controller/newsblog/article.php on line 135Notice: Undefined variable: images_size_articles_big in /home/jnico/public_html/catalog/controller/newsblog/article.php on line 135Warning: imagecreatetruecolor(): Invalid image dimensions in /home/jnico/public_html/system/library/image.php on line 105Warning: imagecolorallocate() expects parameter 1 to be resource, bool given in /home/jnico/public_html/system/library/image.php on line 113Warning: imagefilledrectangle() expects parameter 1 to be resource, bool given in /home/jnico/public_html/system/library/image.php on line 116Warning: imagecopyresampled() expects parameter 1 to be resource, bool given in /home/jnico/public_html/system/library/image.php on line 118Notice: Undefined variable: images_size_articles_small in /home/jnico/public_html/catalog/controller/newsblog/article.php on line 136Notice: Undefined variable: images_size_articles_small in /home/jnico/public_html/catalog/controller/newsblog/article.php on line 136Warning: imagecreatetruecolor(): Invalid image dimensions in /home/jnico/public_html/system/library/image.php on line 105Warning: imagecolorallocate() expects parameter 1 to be resource, bool given in /home/jnico/public_html/system/library/image.php on line 113Warning: imagefilledrectangle() expects parameter 1 to be resource, bool given in /home/jnico/public_html/system/library/image.php on line 116Warning: imagecopyresampled() expects parameter 1 to be resource, bool given in /home/jnico/public_html/system/library/image.php on line 118 India’s Gold Import Reaches 2-Year High in May

India’s Gold Import Reaches 2-Year High in May

New Delhi: Gold import to India in May reached nearly a two-year high level at $4,958.6 million, 122 tonnes were imported – the highest since March 2015.

According to data provided by the Commerce Ministry and quoted in the piece, gold import in May “was the highest after August 2015”, when it totaled $4,958.6 million. The reason for the increased imports, according to the piece, is that traders “wanted to replace gold that was not earlier shown on the books ahead of the goods and services tax (GST). Once that is done, jewellers are in a hurry to sell jewelry ahead of the GST.

Surendra Mehta, secretary, Indian Bullion and Jewellers Association, is quoted as saying, “Gold is quoting at a minor discount as dealers are liquidating stocks due to the GST. Jewellers also liquidating as they will not get the excise benefit of 1 per cent post GST”.

  • India’s Gold Import Reaches 2-Year High in May