Author: Paul Ploumis
06 Feb 2015 Last updated at 04:30:49 GMT
(Kitco News) - According to data compiled by Natixis, gold imports into India reached 523 tonnes in 2014, a decline of 27% compared to 2013.
“The drop in gold imports, from what has been historically the largest consumer of gold, can largely be attributed to import tariffs that were first introduced in 2012,” analysts say.
In addition to higher tariffs, they say that a weaker rupee has made the yellow metal more expensive in the local market. However, they are optimistic that demand for gold can pick up in India later in the year.
“It will be important to follow the Union budget, which will be announced on 28 February.
We would not be surprised to see a cut in gold import tariffs especially as with the collapse of oil prices which should have substantially helped the Indian budget deficit.”
Courtesy: Kitco News
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