Sentences with phrase «gold imports»

As per a dealer with a private sector bank, there has been a fall in gold import by export houses nationwide in the last few weeks.

The prices are based on the rates defined by the government for gold import.

The move is set to deter gold imports further.

Putting an end to all speculations about gold import duty cut, senior Finance Ministry official of India has ruled out any chance of duty cuts in the near term.

Today Bloomberg reported that gold imports in India plunged a sizable 52 percent in the first half of 2016, compared to the same period in 2015.

Last year, India implemented tough duties and quantitative restrictions on gold imports as part of efforts to lower the country's current account deficit.

The Istanbul Gold Exchange released data that showed gold imports into Turkey more than doubled year on year to 46.9 tonnes in November, which registered its highest monthly imports in over six years.

In an underlying sense, the slowing in export growth was probably even more marked, as exports of non-official gold were unusually strong in these two quarters, reflecting the re-export of gold imports from a number of the east Asian countries.

Physical demand in the large consumer gold market of India has been weaker than expected because the newly elected government has not yet reduced gold import restrictions despite the trade balance having improved.

As per current rulebook, 10 % basic customs duty is charged on gold imports from the countries with which India doesn't have any trade agreement.

The trade deficit of India is also expected to lower down due to reduced gold imports, which reached its peak in December in over three years.

Is India thinking about banning gold imports?

The country's gold imports during the month totaled 151.58 Tonnes, according to data released by Trade Ministry.

But these same western analysts also seem to ignore the evidence of known Chinese gold import figures and China's own gold production.

Comparing total gold holdings data with UK gold import and export flows confirms a strong link between the two, regardless of whether one is using UK trade data or what may be implied by Swiss Customs statistics.

If one goes with the rules, then it is not that difficult to get gold imported to Mumbai.

Gold import in India, in January, dropped to its lowest in past 17 months, as consumers either dropped or postponed their plans to purchase gold in expectations of low price due to cut in the import duty, data received from banks and the consultancy GFMS, as per the dealers nationwide.

The Reserve Bank of India (RBI) today stated that the government's decision to abolish the controversial 80:20 rule on gold imports was quite «reasonable.»

However, he notes that the weak rupee — which has declined over 4 percent against the dollar in the past four months — and gold import restrictions will limit buying in India — the world's second largest gold consumer after China.

They believe that plunging crude prices could easily offset any rise in CAD caused by surge in gold imports.

Recently, the Reserve Bank of India (RBI) Governor Raghuram Rajan had also stated that there were requests to lower the gold import duty and the government will view the situation and take decision on it.

The country's gold imports were at 19.3 tonnes in November 2013.

Turkey's gold imports surged in November to 46.9 tonnes, a massive jump from October when the country imported 6.6 tonnes of gold bullion, data from Bourse Istanbul showed on Friday.

India's gold imports were over a staggering 150 tonnes in November and have seen a «phenomenal» rise in India according to India's Trade Secretary, Rajeev Kher.

The gold imports by India during the first fortnight of December have dropped sharply when compared with the previous month.

It seems strange that in the age old argument as to which country is the world's largest gold consumer — China or India — that the analysts pretty well equate India's reported gold imports as that nation's consumption, while not applying the same principle to China's known gold imports plus its own domestic gold output (reckoned to be around 470 tonnes in 2015).

India, the world's second biggest gold buyer after China, last week scrapped a rule mandating traders to export 20 % of all gold imported into the country.

In response to its citizens buying gold as a safe haven, the Indian government may impose a ban of all gold imports.

Tackling the gold imports and avoiding a strain on the present account deficit is the need of the hour.

The country's central bank is responsible for the gold import and dividing it among the distributors so that it could be supplied to a large number of retailers or jewellery shops.

As per Sudheesh Nambiath, Senior Analyst at GFMS, the gold imports in India in the month of September were 48 tonnes.

The last time the government hiked the gold import duty, some consumer resentment was reported.

As per records, gold imports in India dropped 37 percent as compared to the last year in 17 months.

As per a GFMS report, in January, gold imports in India were 30 tonnes, as it dropped 37 percent from 47.9 tonnes the same time, last year.

The gold imports in India rose by 31 percent as compared to that last year, as jewelers across the country have hiked their purchases looking ahead at the festival in the month of October.

Presently, the gold import duty is 10 %.

Whatever the case is, hiking the gold import duties would make India gold price more costly.

Such a surge in gold import has caused alarm in the government, as this spike has worsened the country's current account deficit.

Salem gold rate varies according to many global factors like oil prices, the price of dollar, gold imports and many others.

As per recent reports, India's gold imports have almost tripled to $ 15.24 billion or Rs. 97,665 crore during April - August, as compared to $ 5.08 billion during the same period last year.

Undoubtedly, GST implementation affected the gold imports to go high, leaving the government worried.