Gold imports rise to USD 4.95 billion in May

India Infoline News Service | Mumbai | June 16, 2017 18:34 IST

Gold imports saw a significant surge in the month of May, rising to USD 4.95 billion against gold imports of USD 1.47 billion in May 2016.

Gold ingots
Gold imports saw a significant surge in the month of May, rising to USD 4.95 billion against gold imports of USD 1.47 billion in May 2016.

The imports of silver also witnessed a hike to USD 442.9 million in May 2017 from USD 39.54 million for the same period in the previous year.
 
According to RBI data, most of the surge in imports is driven by the seasonal rise in demand for gold, and also because of stockpiling in an anticipation of Goods and Services Tax (GST) implementation.
  
The imports of the yellow metal which cater to the nation’s jewellery demand attracts 10% import duty.

The rise in imports have majorly driven the trade deficit to a near 30-month high of USD 13.84 billion and has also contributed to a hike in current account deficit to 3.4 billion. 

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

Advertisements

  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.