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india gold import enhance by 13 p.c in june 2019 Gold on the file degree, but the Indians who’re shopping for fiercely – jj
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india gold import enhance by 13 p.c in june 2019 Gold on the file degree, but the Indians who’re shopping for fiercely

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new Delhi : Despite the high prices of precious metal in the international market last month, the demand for gold and silver declined in India and the value of gold imports increased by 13 per cent compared to last year, while imports of silver increased by more than 14 per cent. . However, after the recent increase in import duty on expensive metals in India by 2.5 per cent, demand for gold and silver in the spot market in the country is being called sluggish this month.

Imported gold of $ 2.70 billion in June
According to the figures released by the Union Commerce and Industry Ministry on Monday, India imported gold worth $ 2.70 billion in June this year, while in June 2018, gold imported about $ 2.39 billion in the country. Thus, gold imports increased by 13.02% compared to last year. At the same time, silver imported $ 41.69 million in June last year, compared to $ 36.42 million in the same month last year. Thus, silver imports grew by 14.47 per cent in June this year.

Gold prices up sharply last year
On the International Forward Markets Commex, the monthly average price of gold was $ 1,361.76 per ounce in June this year, while in June last year the average gold price was $ 1,315.09 an ounce. Thus, gold prices have increased by 3.5% on average, compared to last year. On July 5 this year, Finance Minister Nirmala Sitharaman, while presenting the full budget of the current fiscal in the Lok Sabha, announced the increase in customs duty on the precious metals from 10 per cent to 12.5 per cent.

Demand in demand due to rising import duty
According to the Sarafa market sources, the demand for gold and silver in the country has slowed due to the increase in import duty. Ajay Kedia, director of the Kedia Commodity said that the demand for gold has increased with the possibility of a cut in interest rates in the US, due to which gold imports in June also increased by 13 percent to $ 2.70 billion in June. But after the increase in customs duty on gold and other precious metals in India, the demand for gold will fall.

He said that with the pace of economic growth in the country, with the increase in customs duty and the volatility in prices, the consumer demand of gold in the country can remain sluggish. Due to the sluggish demand of gold in the domestic market, the price of gold, which was on premium on the occasion of Akshaya Tritiya, is now on the discount.

Market sources said that at present, the spot prices of gold in the spot market are Rs 1,250 per 10 grams by the London Bullion Market Association, while gold prices in India were higher than the London bullion market association on the occasion of Akshaya Tritiya. . The price of 22 carats in Mumbai was Rs 35,565 in last session and gold of 24 carats was Rs 35,715 per 10 grams.

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