WEAK RUPEE
India’s gold imports slump 14%
The drop in demand from Indian importers could weigh on global prices, which have dropped 8.8% so far in 2018
India’s gold imports in September dropped more than 14% from a year ago as a rally in local prices due to a depreciating rupee reduced demand in the world’s second-biggest consumer of bullion, provisional data from precious metals consultancy GFMS shows. The drop in demand from Indian importers could weigh on global prices, which have dropped 8.8% so far in 2018. But lower imports could help the south Asian country reduce its trade deficit and support the rupee, which hit a record low this week. "In August demand was good but it fell in September due to higher prices," said Asher O, the MD of the India operations at Malabar Gold and Diamonds, a leading jeweller. The Indian rupee has fallen almost 14% in 2018, lifting local gold prices to 31,531 rupees per 10g earlier this week, the highest level in nearly five months. India’s gold imports in August nearly doubled from a year ago to 85.7 tons to hit their highest level in 15 months as lower prices prompted manufacturers to stock up f...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.