India's gold imports fall over 10 months but may be rebounding

NEW DELHI -- India's gold imports witnessed a fall of about 24 percent to $23.22 billion in April-February period of the last fiscal year, which is expected to keep a lid on the current account deficit.

Total imports of the precious metal in the corresponding period of 2015-16 stood at $30.71 billion.

According to industry experts, softening prices of gold in the domestic and world markets could be the reason.

The contraction in imports helped in narrowing the trade deficit to $95.2 billion during the 11-month period of 2016-17 as against $114.3 billion in the same period of the previous fiscal year.

However, on a month-on-month basis, gold imports jumped to $3.48 billion in February as against $1.4 billion in the same month last year, according to the commerce ministry data. ...

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