Mubasher: India’s gold imports jumped in January, despite local prices were the highest in more than five years, as jewellers began to restock for the wedding season, a news report said on Tuesday.
Inbound shipments of the precious metal surged 64% year-on-year to 46 tonnes last January, Bloomberg News reported, citing a source familiar with the data.
The London-based World Gold Council projects a rebound in demand in the Asian nation this year, encouraged by higher spending with elections slated for May.
However, a major risk to demand growth outlook remained the higher domestic prices as Indians are highly price sensitive, Inditrade Derivatives and Commodities Harish Galipelli commodity and currencies head told Bloomberg.
Benchmark gold futures in Mumbai traded higher at 33,646 rupees (INR) ($472) per 10 grams last week, the highest since September 2013, but well below a record INR 33,074 reached the same year.