Gold imports drop over 38 pc in June to $1.2 bn

FPJ BureauUpdated: Thursday, May 30, 2019, 02:08 PM IST
article-image

New Delhi:  Gold imports plunged by 38.54 per cent to $ 1.2 billion in June while inbound shipments of silver fell by more than a quarter in the month.

Gold imports were worth $ 1.96 billion in June 2015. Meanwhile, the government has announced launch of fourth tranche of sovereign gold bond scheme from July 18 in a bid to check the demand for physical gold.

The Reserve Bank has fixed the issue price of bond at Rs 3,119 per gram. The rate has been fixed on the basis of simple average of closing price of gold of 999 purity for the week July 11 to 15, 2016 as published by the India Bullion and Jewellers Association (IBJA). Government has netted 3.1 tonnes of idle household and temple gold under the monetisation scheme since its launch in November 2015. India imports about 1,000 tonnes of gold every year andthe precious metal is the second—highest component of the import bill after crude oil. An estimated 20,000 tonnes of gold is lying with households and temples. As per the data released by the Commerce and Industry Ministry, the silver imports were recorded at USD 249.39 million in June as against USD 342.37 million, registering a decline of 27.16 per cent year-on-year.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Uttar Pradesh: Trying to keep poll promises, Yogi Adityanath govt tables budget of Rs 6.15 lakh...

Uttar Pradesh: Trying to keep poll promises, Yogi Adityanath govt tables budget of Rs 6.15 lakh...

15 games, 15 wins and 71 goals: Here's how this Mumbai football team is ruling the Elite Premier...

15 games, 15 wins and 71 goals: Here's how this Mumbai football team is ruling the Elite Premier...

There'll be change at national level & nobody can stop it: KCR after meeting former PM HD Deve Gowda...

There'll be change at national level & nobody can stop it: KCR after meeting former PM HD Deve Gowda...

'Vladimir Putin won't win Ukraine war': German Chancellor Olaf Scholz at Davos

'Vladimir Putin won't win Ukraine war': German Chancellor Olaf Scholz at Davos

Uttar Pradesh: Four people arrested for offering namaz at Taj Mahal mosque

Uttar Pradesh: Four people arrested for offering namaz at Taj Mahal mosque