An expected decline in Gold imports from July to September

gold bars

An expected decline for gold imports in India by 50% during the next quarter of the Year to reach the level of 150 Tonnes instead of 350 Tones in the current quarter.

The expected decline in the yellow metal because of the lack of demand on gold in India. An official member in India industry Bombay Bullion Association President (Emeritus) Suresh Hundia told PTI, ” We expect gold imports to be in the range of 120-150 tonnes in July-September period of this year,”

He also expected before, that the gold demand from April to June is going to be around 350 Tonnes, and that is what happened to the market India had imported about 160 Tonnes from July to September in the last year 2012. He added that, the demand on the precious metal will be depended on the Rupee condition and gold price.

He added that, the global buying demand on gold will not exceed 50 tonnes, and by the third quarter of the current year from April to June. He said that total import for the yellow metal could reach could touch 350 Tonnes and 142 tonnes of them had been already imported in April and May.