PRECIOUS METAL PRODUCERS

[NYBob]

Gold imports on the rise -
Jewellery demand expected to normalise;
Rajesh Bhayani | Mumbai September 1, 2014
Last Updated at 00:35 IST

Gold prices have been range-bound in recent weeks but traders
have turned optimistic, as the festive season has begun.
This is already getting reflected in imports.

Inching up of premiums for physical delivery of gold suggest
demand is returning.
A fortnight earlier, the premiums were marginal and, on some
occasions, there was a discount to the landed cost of imports.
In the past few days, premiums of $10-12 an ounce are quoted.

Import figures have been rising.
In the past three months, 214 tonnes are estimated to have
entered India.
Gold import was 64 tonnes in August 2012;
it had fallen to 10 tonnes in August 2013 due to stringent and
ambiguous import norms.
However, in August this year, 70 tonnes are estimated to have
been imported.
It was 47 tonnes in July due to June's carry-forward stock;
June import was an estimated 97 tonnes.

Bachhraj Bamalva, director, All India Gems and Jewellery Trade
Federation, said: "Consumer demand is expected to pick up in the
next one or two weeks. And, manufacturers' demand has started,
as they want to be prepared to meet festive and marriage season
purchases."
Also, prices are down 15.7 per cent over a year.
Last year in end-August, gold was Rs 33,265 per 10g here;
it is now Rs 28,050. Consumers waiting for long are likely
to now come forward.

The increase in demand is expected to result in a further rise
in premiums.
A source close to importers of gold said, "We see premiums going up to $20-25 an ounce in the near future." Another private sector importer said premiums might stabilise around $25. At that level, there will be an attraction to import more, which will keep premiums under check.

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