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September gold imports in Gujarat gold imports plummet 38%

Even as gold prices stabilized around the Rs 38,000 per 10 gram mark, imports of the yellow metal have ceased to improve significantly, especially in the run up to the festive season.

September gold imports in Gujarat stood at 2.6 mt, plunging 38 % against 4.2 mt during the same period las year, according to the data by Ahmedabad Air Cargo Complex.

While yellow metal imports declined y-o-y year, the imports went up in September, after a steep decline for three months. In June, July and August, gold import stood at 4.6 mt and 0.75 mt respectively.

“After prices stabilized, gold imports increased marginally in September against July and August. However, this is primarily for export and purposes and not for domestic consumption. Owing to the economic slowdown and high price of gold, consumer demand for gold is expected to remain low-key,” said Haresh Acharya, Director, IBJA.

Gold price stood at Rs 38,200 per 10 gram on Tuesday. Even jewellers are staring at a bleak festive season this time around with yellow metal prices likely to be a dampener for demand.

“There is no cashflow in the market due to the economic slow down. Due to this, people will focus more on essentials than spending on luxury items such as gold. The festive season does not look promising this time around, as prices are high,” said Rohit Choksi, President, Jewellers Association of Ahmedad (JAA).

apart from yellow metal price, excess rianfall has also played a spoilsport for gold demand. “Due to excess rainfall, there is fear of corp destruction among farmers and as a result, the rural demand is also not looking buoyant,” said an Ahmedabad-based jewellers.

Courtesy - Times of India



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