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Indian gold imports fall 80 percent in June’13. Aggressive and stringent measures applied by the RBI and the government led to a sharp fall in gold imports. For the month of June’13, gold imports fell sharply by 80 percent to just 32 tonnes as against 162 tonnes seen in May’13. When compared to imports in June’12, the decline was 36 percent. Fall in gold imports will help to curb the CAD and in effect also have a positive impact on the Rupee. Gold is India’s second-largest import after crude oil and for the month of April’13, gold’s import bill touched $7.5 billion. During April-May’13, gold and silver imports accounted for $15.8 billion in the import bill. Combined Indian gold-silver imports in June’13 were $2.5 billion
Weekly Price Performance: Last week, Spot Silver prices increased sharply by 5.6 percent and crossed the crucial $20/oz mark. A bullish trend is expected in silver prices over the week, due to increase in goldprices. Further, upside in base metals complex along with weakness in the DX will support an upside in prices. In the Indian markets, depreciation in the Rupee will act as a positive factor for prices on the MCX In ETF Performance, Holdings in the iShares Silver Trust increased around 1.3 percent in the previous week to 10,185 tonnes as on 12th July 2013.