India buys more goldSeptember gold import soars 30% to 34.8 tonness
Press Trust of India/New Delhi 10 Oct 10 | 05:08 PM
Skyrocketing price has not deterred India's love for the gold asimports have zoomed 30 per cent to 34.8 tonnes in September over theprevious month.
In August, gold import stood at 26.8 tonnes, as per data given by the Bombay Bullion Association.Even as gold is trading over Rs 19,000 per 10 grams, the demand hasgone up on the back of the ongoing festive season," Bombay BullionAssociation Director Suresh Hundia told PTI today.
Festivals likeNavaratra, Dhanteras and Diwali are considered auspicious for buyingprecious metals, when the demand for the gold and silver go up.
However,gold imports in September were 4.9 tonnes less compared to thecorresponding month last year, which was at 37.6 tonnes. He said, ifthis positive trend continues, the October import will see a furtherupward swing and will almost match up with the previous year's shipmentlevel.
During the festivals, the demand is usually more for goldand silver coins, he said. However, the investor demand is highercompared to the retail demand, he added.
Gold climbed to an all-time high of Rs 19,900 per 10 grams in the domestic markets last week influenced by firm global prices.
Inthe global markets, gold touched an all-time high of $1,366 an ounce(28.35 grams) last week as the recovery of the Western economies stillfalters and investors are increasingly looking at gold as the safestinvestment option.
On top of it, the US dollar has been on the losing streak, and so is the euro.