Experts
believes that India's Gold buying is expected to decline in current
year and expected to continue in 2013. MCX GOLD TREND. Word
Gold Council expects that India gold imports may drop near 800 tons
as compared to last year's around 900 tons. India on an average see's
demand of around 700 ton a year as seen in last three years. The
change in mindset of investors is also seen in the current year. The
trend between jewellery and investment gold is also changing. Traders
are more interested towards investment gold in India now. MCX GOLD
TIPS. Experts believes that Indian Gold markets are going to
take pace in the festival and wedding seasons after average
performance in first half of the year.
In
October tariff value of gold and silver imports is also increased by
India. Gold imports tariff was raised to $574.20/10 grams and silver
to $1097.30. Experts from Bombay Bullion Association believes that
India's Gold imports is likely to drop to 550 tons next year. The
demand for next year is expected to be about 550 tonnes may drop
further if there is further increase in customs duty.
India's
yellow metal import
reached a record 1,067 tons in the 2011-12 fiscal year. Country
imported 969 tons in 2010-11 fiscal and 850 tons in 2009-10. India
produces around two tons of gold a year against the imports of 900
tons. Country accounts for nearly one-third of the annual demand with
import bill rising from $ 4.1 billion in 2001-02 to $ 61.5 billion in
2010-11.
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