India's Sep gold imports a tad shy of Feb 2009 lows, Silver imports plunge 90%
The latest import figures released for the month of September indicate that gold and silver imports by the country have fallen to one of their lowest levels ever
MUMBAI (Scrap Monster) : The latest import figures released for the month of September indicate that gold and silver imports by the country have fallen to one of their lowest levels ever. The gold imports in Gujarat recorded the second lowest in five years. Silver imports dropped nearly 90% over the month. The traders have expressed fears that the highly beaten down imports may fall short to meet the excessive gold and silver demand during the festive season commencing shortly.
The total gold imports during H1 FY ’14 increased by nearly 35% over the same period last year, mainly aided by higher imports recorded during the months of April and May this year. According to latest statistics, gold imports in September were the second lowest by Gujarat in nearly five years. The gold imports dropped 10% month-on-month to 153 kilograms in September from 170 kilograms in August. The gold imports were just 2 kilograms more than the five year lows of 151 kilograms of gold import during February 2009.
According to data published by Gujarat State Exports Corporation Ltd (GSECL), silver imports during September dropped by 90% to 5.9 MT when compared with 58.76 MT of silver imports during August.
With gold and silver imports touching record lows, market may not be able to cater to the huge festive season demand. Experts believe that decline in silver imports may not affect the trade as traders have huge stocks already lying with them. However, the country’s gold industry is likely to have more difficult times going ahead.