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India's Gold imports shoot up in August

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MUMBAI (Scrap Register): India’s gold imports have risen, said Commerzbank in a snippet.

Along with China, the country is one of the world’s largest two gold-consuming nations. Analysts cited preliminary data from the Ministry of Finance showing that India imported 92 tons of gold in August, more than twice as much as a year earlier.

Analysts added that Thomson Reuters GFMS puts Indian gold imports in August at 100 tons. GFMS believes that Indian gold manufacturers took advantage of the low prices – in mid-August, gold in Indian rupees was priced at its lowest level since the end of last year – to replenish their stocks.

“After a subdued first half year, Indian gold demand has picked up noticeably again since July.” Nevertheless, analysts added, GFMS data put Indian gold imports in the first eight months of the year nearly 13% lower year-on-year at 532 tons.

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