December 10, 2016

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India’s Gold imports dropped 58.96% from a year earlier to 270 tonnes during the period from January to September due to a prolonged strike by jewellers and continuation of 10% custom duty on imports, industry body Assocham said in its latest report.

India imported 658 tonnes of Gold during the corresponding period of last year, the report said.

The report also stated that smuggling of Gold has been on the rise due to high custom duty, even as the industry demands a lower levy structure to encourage official imports.

The industry body pointed-out that it expects Gold prices to stay firm in the range of Rs 30,500-Rs 33,500 per 10 grams.


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