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Q4 gold imports may fall 25 per cent on weak festival demand

Q4 gold imports may fall 25 per cent on weak festival demand

Q4 gold imports may fall 25 per cent on weak festival demand

MUMBAI: India's gold imports in the last quarter of 2017 could drop by a fourth from a year ago due to weak demand during key festivals and as investors seek better returns from riskier assets like equities, industry officials and analysts said. 

Lower gold purchases by India, the world's second-biggest consumer after China, could drag global prices that have already fallen nearly 6 percent from this year's peak. 

"October imports were lower than last year and even in November and December they are likely to be lower than last year," Sudheesh Nambiath, a senior analyst with GFMS, a division of Thomson Reuters, said on Wednesday. 

India's imports could fall to around 175 tonnes in October-December from 234 tonnes a year ago, Nambiath said. 
In the first nine months of 2017, the country's gold imports surged 131 percent to 638.4 tonnes, according to GFMS data, as jewellers advanced buying in the first half of the year ahead of a sales tax hike that took effect from July 1. 

Gold demand usually strengthens in the final quarter as Indians brace for the wedding season as well as festivals such as Diwali and Dussehra, when buying bullion is considered auspicious. 

Source:- Economictimes.indiatimes.com

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