Reuters, in its February 15, 2013 article, reports that India's Jan gold imports surge 23 pct y/y, hits 18-mth top.
Extract :
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MUMBAI, Feb 15
(Reuters) - India's gold imports in January surged 23 percent from a year ago
to their highest in 18 months as traders snapped up supplies ahead of a hike
in duty, undermining the government's efforts to control a ballooning
current account deficit.
The world's top bullion
buyer imported 100 tonnes of gold last month, the
head of the Bombay Bullion Association said on Friday. This is about 40
percent more than the country's average monthly imports last year. "The total
imports figure for 2012 was around 860 tonnes, so 100
tonnes in a month is too high. Also oil is trading
firm above $95 (per barrel), so this will impact the oil import bill and
overall deficit targets," said Navneet Damani, associate vice president with Motilal
Oswal Commodities.
Alarmed by the mounting current account
deficit that hit a record 5.4 percent of gross domestic product in
July-September the government moved to rein in its gold imports -- second
only to oil in value -- by raising the import duty on the precious metal to 6 percent from 4 percent on Jan. 21.
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Read the rest of the article at
Reuters
