Pent-up demand for gold and gold jewellery pushed the imports of gold up in August. As the market began showing signs of revival, the imports of the yellow metal stood at 4.82MT in August 2021, as against 1.87MT in August 2020, according to data by Ahmedabad Air Cargo Complex (AACC).
In fact, imports surged by a whopping 412% month-on-month against July 2021. Jewellers attribute the surge to increasing number of purchases being made for wedding and festive jewellery collection.
The demand is muted, as far as bullion purchases are concerned, as volatility in prices is keeping investors in a wait-and-watch mode. However, jewellery demand has overall picked up well. The surge in imports is attributed to the pent-up demand as several wedding occasions are being organised, according to Haresh Acharya, director, India Bullion and Jewellers' Association (IBJA).
Gold price stood at Rs 48,900 per 10 gm on Friday in the Ahmedabad market.