INDIA August 10 2017 8:37 AM
MUMBAI (Scrap Register): India’s gold imports held up better last month than many thought, said Commerzbank.
There had been ideas that buying picked up on stocking ahead of a new goods and services tax on the metal that began in July, meaning demand would abate once the tax was in effect.
Commerzbank cited a data from India’s Ministry of Finance showing the country imported 53.4 tons of gold in July, nearly two and a half times as much as July of 2016.
Imports were almost 20 tons below the June figure, but the overall level still showed that the effects of the new goods and services tax were not quite as negative as had been feared, Commerzbank added.