According to an analyst of brokerage firm SMC Global, the prices of the yellow metal sharply appreciated in the domestic market more so because of depreciation of Rupee against the US dollar couple with the Euro-zone crisis, hence, impacting the imports. Rupee fell from 44 to 47.5 against the American greenback in May....The decline was roughly in line with expectations.
"In April the imports went up mainly due to stockist buying for the marriage season in May. However, the buying declined in May as the prices surged," Bombay Bullion Association Director Suresh Hundia told PTI here.
Tuesday, June 22, 2010
Indian Gold Imports For May Come In At 17 Tonnes
The amount of gold imports dropped more than 50 percent from April to May as higher gold prices combined with anticipation of the slack season took their toll.