INDIA November 26 2013 5:39 PM
MUMBAI (Scrap Register): The world's biggest bullion consumer India's gold bar imports declined sharply by 57.22% year-on-year to $ 2,964.97 million (INR 17,377.40 crore) during April to October this year, as per the latest figures released by the the Gems and Jewellery Export Promotion Council (GJEPC).
According to GJEPC, country has imported $6,931.36 million (INR 17,377.40 crore) worth gold bar during the same period last year.
In October alone, India's gold bar imports dropped by 50.15% year-on-year to $ 477.27 million (INR 2,940.93 crore) as compared to last year's $ 957.48 million (INR 5,076.56 crore).
Indian gold prices reached their highest level in a week on Tuesday, recovering from the previous session's lowest level in more than two weeks in line with overseas markets, with jewellers struggling to meet wedding demand in the peak season.
At 4:15 P.M, the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.39 percent up at 30,288 rupees per 10 grams, after hitting a high of 30,444 rupees, a level last seen on November 20.