MUMBAI: Gold imports surged by 71 percent during April to 34.2 tonne compared to the year-ago period as prices declined to touch a low of Rs 16,262 against the record Rs 18,500 level achieved in December 2009.
The shipments during April 2009 stood at just 20 tonne due to less demand following global economic crisis, according to data given by the Bombay Bullion Association.
Gold prices ruled in the range of Rs 16,262 and Rs 17,140 per 10 grams level in the previous month giving rise to both the seasonal as well as the investment demand, an industry expert said.
In the international markets the yellow metal touched a low of 1,111 US dollar an ounce (28.34 grams) and a high of 1,182 an ounce during April.
"Usually, whenever there is decline in gold price, even if a small one, the demand for the precious metal goes up," Brokerage firm SMC Global's analyst said.
Moreover, he said, April to July is the peak domestic season comprising both for festival and marriage demand, during which stockists tend to add on to their inventory.
The imports during January stood at 34 tonne. Gold shipments had declined during February and March to 28.8 tonne and 27.8 tonne respectively, following slight recovery in prices and slowdown in demand due to the off season.
