Gold import in India up by 300%
Posted on: 13/Jul/2017 12:11:12 PM
India has imported gold weighing 75 tons in the month of June. As compared to the corresponding figure in June 2016, which was just 22,7 tons, the import has increased triple.
A jewellery trader shared the information that the tax for gold in June was 1.2%. In July, following the implementation of GST, this tax has increased to 3%. The public, who were expecting this tax increase, went on a gold and jewellery buying spree in June increasing the demand for gold.
During the last week of June, the price of 1 ounce of gold was up by US$ 10. This increase was unprecedented over the previous 7.5 months.
However, the demand for gold has come down in July. So, it is expected that the import of gold will also come down.
In this year, during the 1st 6 months, the gold import has increased to 514 tons. As compared to the corresponding figures for the previous year, this is up by 161%.
