India imported gold worth Rs 76 lakh during Apr-Jan 2008-09

India, the world’s largest consumer of gold, has imported the yellow metal worth Rs 76 lakh during first ten months of 2008-09 fiscal, the government informed the Parliament today.

Interestingly, the value of import during April-January period of last fiscal exceeded the total imports in 2007-08, which stood at Rs 67 lakh, it added.

In a written reply to the Lok Sabha, Minister of State for Commerce Jyotiraditya M Scindia said rough estimates place gold demand in the country at 700-800 tonnes per annum.

On gold prices, he explained, “The movement in prices of gold in India in the recent period is broadly in tandem with similar movement in international markets.”

Various factors such as demand and supply, investor interest, interest rates, movement in the exchange rate of US dollar vis-a-vis other international currencies affect the gold price, he said.

In a separate reply, the minister said that the country’s rubber imports stood at 44,083 tonnes during first three months of the current fiscal whereas exports have remained at 834 tonnes.

There is no fixed quota for natural rubber export on account of high volatility in prices after the lifting of quantity restriction from April 2001, he added.

-Business Standard.