Shanghai Gold Exchange Volume Soars To Record As India Gold Imports Surge To 18 Month High
As GoldCore reports, gold volumes for the benchmark cash contract on the Shanghai Gold Exchange soared to a record today (see chart below), as the market re-opened after the New Year’s week long holiday and bargain hunters started buying.
India’s gold imports surge 23% in January
India’s gold imports in January surged 23 per cent from a year ago to their highest in 18 months as traders snapped up supplies ahead of a hike in duty, undermining the government’s efforts to control a ballooning current account deficit.
The world’s top bullion buyer imported 100 tonnes of gold last month, the head of the Bombay Bullion Association said on Friday. This is about 40 per cent more than the country’s average monthly imports last year.
“The total imports figure for 2012 was around 860 tonnes, so 100 tonnes in a month is too high. Also oil is trading firm above $95 (per barrel), so this will impact the oil import bill and overall deficit targets,” said Navneet Damani, associate vice president with Motilal Oswal Commodities.
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