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Thursday, 12th November 2009 (5970 views)

New figures have shown that Indian gold imports rose by 45.5 per cent in October compared with the same month last year.

According to state-owned trader MMTC, 48 tonnes of the precious metal was imported last month, in contrast with the 33 tonnes recorded in October 2008.

MMTC's own gold imports also rose from 10.42 tonnes to 15.13 tonnes over the same 12-month period.

"Gold imports rose due to a sharp rise in jewellery demand and pick up in investment," commented chairman and managing director of MMTC Sanjiv Batra, according to the Press Trust of India.

This year's Indian festival season saw gold sales in the country rise compared with last year.

Traders suggested that gold bars and coins proved to be more popular than the more traditional Diwali gift of gold jewellery in the run-up to the major Hindu festival.

A number of India's post offices currently sell gold bullion coins to consumers over the counter.

 

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