INSUBCONTINENT EXCLUSIVE:
in the prices of the yellow metal has weakened its demand in the domestic market, according to experts."On Dhanteras, the gold sales touch
around 40 tonnes every year
However, the weak demand may decrease the sales by 50 per cent this year," Surendra Mehta, National Secretary, India Bullion and Jewellers
Association (IBJA) told IANS.Gold imports have also nosedived due to higher prices and an increase in the import duty, Mr Mehta added
India imported only 26 tonnes of gold in September this year, down from 81.71 tonnes a year ago
The imports fell 68.18 per cent, as compared to last year.Market experts believe that gold imports have plunged to a multi-year low after
the Central government increased the import duty on precious metals from 10 per cent to 12.5 per cent in the Union Budget in July this
year."There are three types of gold demand -- wedding demand, festive season demand and regular demand
The regular demand is already low due to the liquidity crisis in the market
remain low this festive season," he added.Another market analyst pointed out that another reason for the weakened domestic demand last month
However, the recent fall in prices may improve the festive season demand," said Ajay Kedia, Director, Kedia Advisory.However, the bullion
market may lose its sheen this festive season due to the economic slowdown in the country, Mr Kedia added.In Mumbai, 22-carat gold was
trading at Rs 39,190 per 10 gram and 24-carat gold rose to Rs 39,340 per 10 gram on Friday
Gold prices have touched Rs 40,000 level many times in the past few months.On Monday, gold fell Rs 38 to Rs 39,295 per 10 grams on the
Monday, gold prices rose over $250 per ounce to $1,500 per ounce as compared to last year
It was trading at $1,242.20 per ounce on October 5, 2018.(P.K
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