India September Gold and Silver Imports Sharply Drops

Gold Silver

The newest import numbers issued for the month of September show that gold and silver imports in India have dropped to one of their smallest grades ever. The gold imports in Gujarat noted the second smallest in five years. Silver imports dropped almost 90% over the month. The traders have expressed doubts that the highly struck down imports may fall short to rendezvous the excessive gold and silver demand throughout the festive time of the year commencing shortly.

The total gold imports throughout H1 FY ’14 increased by nearly 35% over the same time span last year, mostly aided by higher imports noted during the months of April and May this year. According to newest statistics, gold imports in September were the second lowest by Gujarat in nearly five years. The gold imports dropped 10% month-on-month to 153 kilograms in September from 170 kilograms in August. The gold imports were just 2 kilograms more than the five year lows of 151 kilograms of gold import throughout February 2009.

According to facts and figures released by Gujarat State import goods Corporation Ltd (GSECL), silver imports throughout September fallen by 90% to 5.9 MT when contrasted with 58.76 MT of silver imports throughout August.

With gold and silver imports moving record lows, market may not be adept to cater to the huge festive season demand. Professionals accept as true that down turn in silver imports may not sway the trade as traders have huge supplies currently lying with them. Although, the country’s gold industry is expected to have more tough times going ahead.