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Gold imports pick up in September

Source : REUTERS
Last Updated: Tue, Oct 01, 2013 08:57 hrs
​gold, bullion, precious metal

Gold imports into India, the world's biggest buyer of the metal, rose to 7.24 tonnes in over three weeks in September, up from 3.38 tonnes in August, the finance ministry said in a statement on Tuesday.

The September figure was way below the record 162 tonnes in May, which prompted the federal government to raise import taxes to 10 percent and tie exports to domestic consumption, under the so called 80/20 import rule.

India, battling with a record high trade deficit and a weak currency, is trying to curb imports of the dollar-denominated gold, the most expensive non-essential item in its import bill.

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