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Gold imports fell by about 43 per cent to USD 1.68 billion in October due to reasons such as depreciating rupee and subdued demand, a development which could have positive implications for the current account deficit (CAD).
According to the commerce ministry data, gold imports had stood at USD 2.95 billion in October last year.
Despite the contraction, trade deficit widened to USD 17.13 billion in October, compared with USD 14.61 billion in the same month last year.
The imports mainly take care of demand of the jewellery industry. The exports of gems and jewellery grew by about 5.5 per cent during the month to USD 34.9 billion.
As per the data, silver imports grew by 51.7 per cent to USD 526.2 million in October.
India, the world's second-biggest gold consumer after China, imports about 900 tonnes of gold a year.
The domestic currency has depreciated nearly 14 per cent since the beginning of this year. Besides having impact on current account deficit, the sliding rupee has made imports costlier and led to oil prices skyrocketing to record highs.
Watch Zee Business Tweet here:
<blockquote data-lang="en"><a href="https://twitter.com/hashtag/ZBizView?src=hash&amp;ref_src=twsrc%5Etfw">#ZBizView</a> | बाज़ार में ट्रेड करने का फॉर्मूला सीखिए मार्केट एक्सपर्ट विश्वेश चौहान से और किस लेवल पर करें ट्रेड <a href="https://twitter.com/hashtag/SREIInfra?src=hash&amp;ref_src=twsrc%5Etfw">#SREIInfra</a> में।<a href="https://twitter.com/AnilSinghviZEE?ref_src=twsrc%5Etfw">@AnilSinghviZEE</a> <a href="https://twitter.com/iamvishchauhan?ref_src=twsrc%5Etfw">@iamvishchauhan</a> <a href="https://twitter.com/SumitResearch?ref_src=twsrc%5Etfw">@SumitResearch</a> <a href="https://twitter.com/sandeepgrover09?ref_src=twsrc%5Etfw">@sandeepgrover09</a> <a href="https://twitter.com/deepaliranaa?ref_src=twsrc%5Etfw">@deepaliranaa</a> <a href="https://twitter.com/dkalra81?ref_src=twsrc%5Etfw">@dkalra81</a> <a href="https://twitter.com/poojat_0211?ref_src=twsrc%5Etfw">@poojat_0211</a> <a href="https://twitter.com/12_AparnaRoy?ref_src=twsrc%5Etfw">@12_AparnaRoy</a> <a href="https://t.co/5FcMBeghGG">pic.twitter.com/5FcMBeghGG</a>
— Zee Business (@ZeeBusiness) <a href="https://twitter.com/ZeeBusiness/status/1063290778271838208?ref_src=twsrc%5Etfw">November 16, 2018</a></blockquote>
<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>CAD, the difference between outflow and inflow of foreign exchange, widened to 2.4 per cent of the GDP in the first quarter of 2018-19.

Gold imports fell by about 43 per cent to USD 1.68 billion in October due to reasons such as depreciating rupee and subdued demand, a development which could have positive implications for the current account deficit (CAD).According to the commerce ministry data, gold imports had stood at USD 2.95 billion in October last year.Despite the contraction, trade deficit widened to USD 17.13 billion in October, compared with USD 14.61 billion in the same month last year.The imports mainly take care of demand of the jewellery industry. The exports of gems and jewellery grew by about 5.5 per cent during the month to USD 34.9 billion.As per the data, silver imports grew by 51.7 per cent to USD 526.2 million in October.India, the world's second-biggest gold consumer after China, imports about 900 tonnes of gold a year.The domestic currency has depreciated nearly 14 per cent since the beginning of this year. Besides having impact on current account deficit, the sliding rupee has made imports costlier and led to oil prices skyrocketing to record highs.Watch Zee Business Tweet here:#ZBizView | बाज़ार में ट्रेड करने का फॉर्मूला सीखिए मार्केट एक्सपर्ट विश्वेश चौहान से और किस लेवल पर करें ट्रेड #SREIInfra में।@AnilSinghviZEE @iamvishchauhan @SumitResearch @sandeepgrover09 @deepaliranaa @dkalra81 @poojat_0211 @12_AparnaRoy pic.twitter.com/5FcMBeghGG— Zee Business (@ZeeBusiness) November 16, 2018CAD, the difference between outflow and inflow of foreign exchange, widened to 2.4 per cent of the GDP in the first quarter of 2018-19.  

The imports mainly take care of demand of the jewellery industry. The exports of gems and jewellery grew by about 5.5 per cent during the month to USD 34.9 billion.

India just not buying gold! Check out the poor numbers

news-india-just-not-buying-gold-check-out-the-poor-numbers-71796

Gold imports fell by about 43 per cent to USD 1.68 billion in October due to reasons such as depreciating rupee and subdued demand, a development which could have positive implications for the current account deficit (CAD). According to the commerce ministry data, gold imports had stood at USD 2.95 billion in October last year. Despite the contraction, trade deficit widened to USD 17.13 billion in October, compared with USD 14.61 billion in the same month last year. The imports mainly take care of demand of the jewellery industry. The exports of gems and jewellery grew by about 5.5 per cent during the month to USD 34.9 billion. As per the data, silver imports grew by 51.7 per cent to USD 526.2 million in October. India, the worlds second-biggest gold consumer after China, imports about 900 tonnes of gold a year. The domestic currency has depreciated nearly 14 per cent since the beginning of this year. Besides having impact on current account deficit, the sliding rupee has made imports costlier and led to oil prices skyrocketing to record highs. Watch Zee Business Tweet here: #ZBizView | बाज़ार में ट्रेड करने का फॉर्मूला सीखिए मार्केट एक्सपर्ट विश्वेश चौहान से और किस लेवल पर करें ट्रेड #SREIInfra में।@AnilSinghviZEE @iamvishchauhan @SumitResearch @sandeepgrover09 @deepaliranaa @dkalra81 @poojat_0211 @12_AparnaRoy pic.twitter.com/5FcMBeghGG — Zee Business (@ZeeBusiness) November 16, 2018 CAD, the difference between outflow and inflow of foreign exchange, widened to 2.4 per cent of the GDP in the first quarter of 2018-19.   

The imports mainly take care of demand of the jewellery industry. The exports of gems and jewellery grew by about 5.5 per cent during the month to USD 34.9 billion.