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Stock Advisory in Indore, Gold imports may drop to 650 tonnes this fiscal
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The country’s duty-paid gold imports for the fiscal 2017-18 may touch 650 tonnes at anaverage price of $1,280-1,300 per ounce.
This, according to industry experts, would still be manageable on the current account deficit front, thanks to lower global prices of the yellow metal as compared to what was in 2013-14.
Speaking on gold import trends in India, Rajesh Khosla, Chairman Emeritus, MMTC-PAMP, informed that gold imports for the financial year 2017-18 may touch 650 tonnes — almost at the same level as last year.
Experts stated that the shift in preference for investment from gold to other asset classes joined by higher import duty may cloud the imports, which was earlier estimated to touch 700 tonnes.
Investment pattern
“The younger generation doesn’t look at gold as haven. The emerging asset classes such as cryptocurrencies are turning out to be the preferred investment for people below the age of 35,” said Joshy Jacob at the India Gold Policy Centre.
“In the first nine months of the fiscal April-December 2017, gold imports hovered at about 500 tonnes. We expect this to touch 650 tonnes by the end of the fiscal — almost at the same level as that of last year. But the imports will still be manageable as the average international gold price has come down as compared to previous years,” Khosla said.
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