Gold Imports by India Seen Climbing First Time in Six Quarters - Bloomberg
Gold imports by India, the world’s
largest buyer, are set to climb for the first time in six
quarters as a decline in domestic bullion prices stokes jewelry
and investment demand ahead of major festivals.
Overseas purchases may jump to as much as 200 metric tons
this quarter, said Bachhraj Bamalwa, chairman of the All India
Gems & Jewellery Trade Federation. That compares with the 157
tons in the fourth quarter of 2011, according to World Gold
Council data. Purchases in the quarter ended September probably
fell to as low as 170 tons from 205 tons a year earlier, Bamalwa
said. The council is yet to release data for the third quarter.
A rebound in Indian imports may help sustain an 11 percent
rally in global prices, headed for a 12th consecutive year of
gains. Bullion in India has fallen about 3 percent since
climbing to a record last month after the rupee posted the
biggest monthly gain against the dollar since January.
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