India’s H1 2017 gold imports surpass 2016 totals - Kitco

Anna Golubova at Kitco is out with a latest report on gold, citing that the Indian gold imports have surged in H1 2017, already surpassing total imports seen in 2016.

Key Quotes:

“India’s gold demand surged during the first half of 2017, as imports came in at 521 tonnes, beating the totals from the entire previous year.

Reasons for the climb were lower gold prices and preparations ahead of the new 3% goods and services tax (GST) that is being rolled out in July. 

India imported 521 tonnes of gold during the first six months of this year, which is higher than the 510 tonnes of gold imported last year, Business Standard reported quoting GFMS Thomson Reuters.

The value of imports in H1 2017 equaled to $22.2 billion versus $23 billion for 2016.”

Sudheesh Nambiath, a senior analyst with GFMS Thomson Reuters, ““Large jewelry manufacturers have seen volumes higher than the monthly average through April to June. Investment-led demand has also turned stronger as there has been an increased interest to stash away cash in gold which many believe may be difficult post-GST. Our estimate is that at least one-third of the wedding related demand that comes up in the fourth quarter has been advanced.”