Indian gold imports explode again – .

Cathie Wood of Ark Invest thinks we may be heading for a commodities crash – fr

Editor’s Note: With such market volatility, stay up to date with the daily news! In minutes, discover our quick summary of today’s must-see news and expert opinions. Register here !
(Kitco News) – Gold imports to India in September climbed 658% from the lower base of last year’s pandemic as a correction in local prices to the lowest level in nearly six months has prompted jewelers to step up shopping for the upcoming holiday season, a government source said.

The country imported 91 tonnes of gold in September, up from 12 tonnes a year earlier, the source said on Monday on condition of anonymity because he is not authorized to speak to the media.

In terms of dollar value, September’s imports jumped to $ 5.1 billion from $ 601 million a year ago, the source said. India’s gold imports in the September quarter jumped 170% from a year ago to 288 tonnes, the government official said.

A Reuters interview noted that “last month world prices corrected and the rupee appreciated. The combination drastically lowered local prices and allowed jewelers to stock up, ”according to a Mumbai-based dealer with a gold importing bank.

Despite the good news on imports, gold is trading down 0.60% on Monday morning. The yellow metal is trading at around $ 1,750 an ounce despite the US dollar declining 0.13% on the session. That said, the yields on 10-year US Treasuries rebounded to 1.493% (1.91%). The safe haven could wreak havoc on precious metals today.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.


Please enter your comment!
Please enter your name here