Gold Imports by India Seen Climbing First Time in Six Quarters

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.