Gold imports shrink 30.5% to $15.7 billion in Apr-Nov

Gold imports witnessed a fall of 30.5% to $15.74 billion in April-November of the current financial year, which is expected to keep a lid on the current account deficit (CAD).Total imports of the precious metal in the corresponding period of 2015-16 stood at $22.64 billion.

Softening prices of the precious metal globally as well as locally are seen to be at work. Stock Market Astrology Tips

However, gold imports grew for the second straight month in November by rising 23.24% to $4.36 billion, according to the Commerce ministry data.The Inward shipment had seen fall till September since February this year. It recorded a positive growth in October and last month. Intraday Trading Tips

The increase in gold imports pushed the trade deficit to about two-year high of $13 billion in November from $10.33 billion in the same month last year.India is one of the largest gold importers in the world and the imports mainly take care of demand from the jewellery industry. Commodity Trading Tips

For the full year of 2015-16, CAD stood at $22.1 billion, or 1.1% of GDP, as against $26.8 billion, or 1.3%, in 2014-15.In volume terms, the country's total official gold imports declined to 60 tonnes in April-July of this fiscal, much lower than 250 tonnes in the year-ago period. India imported 650 tonnes of gold in 2015-16. Nifty Trading Tips