Indian July Gold imports bounce back after 7-month decline in a row

INDIA July 17 2014 3:15 PM MUMBAI (Scrap Register): The second biggest bullion consuming nation India's gold imports bounced back in June after seven-month decline in a row.

India imported gold worth $3.12 billion during June this year, an increase of 65.13% as compare to $1.88 billion in last June.

The high imports have marginally pushed up the India's trade deficit to $11.76 billion in June from $11.28 billion in the same month last year.

In October 2013, Indian gold imports had risen 62.5 per cent to $1.3 billion.

India has imposed restrictions on inbound shipments of the precious metal to narrow the Current Account Deficit. India's CAD, which is the excess of foreign exchange outflows over inflows, touched a historic high of 4.8 per cent of GDP in 2012-13, mainly due to rising imports of petroleum products and gold.