Go Ad-Free
    My Alerts
    Moneycontrol
    Moneycontrol PRO
    HomeNewsBusinessMarketsIndia's Sept-Dec gold imports seen down 40%

    India's Sept-Dec gold imports seen down 40%

    India's gold imports during peak demand season of September to December are likely to slump 40% on year to 200 tonnes due to weak monsoon, fewer wedding dates and near record high prices, the head of India's leading trade body told reporters.

    August 21, 2012 / 17:18 IST

    India's gold imports during peak demand season of September to December are likely to slump 40% on year to 200 tonnes due to weak monsoon, fewer wedding dates and near record high prices, the head of India's leading trade body told reporters.


    Poor monsoon rainfall is likely to hurt incomes of farmers and subsequently rural demand, Prithviraj Kothari, president of the Bombay Bullion Association, said on Tuesday.


    India is facing its second drought in just four years, which can drive up food prices and erode spending power, crimping demand for goods from tractors to gold. More than half the population relies on the rural economy.

    Investment and jewellery demand from Indian consumers plummeted 38% to 181.3 tonnes in the second quarter of 2012. Buying was hit by a hike in import duties and record-high local prices due to a weak rupee.

    first published: Aug 21, 2012 04:42 pm

    Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

    Subscribe to Tech Newsletters

    • On Saturdays

      Find the best of Al News in one place, specially curated for you every weekend.

    • Daily-Weekdays

      Stay on top of the latest tech trends and biggest startup news.

    Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347