India gold imports rocket 176%
Despite most of the curbs on gold imports still in place, official trade data released on Monday shows a 176% rise in gold imports from $739 million to $2 billion during the month of August.
Bloomberg quotes Shubhada Rao, an economist at Yes Bank in Mumbai as saying the big jump should not set off alarm bells over the country's balance of payments:
"We can manage with monthly gold imports of about $2 billion and the jump in the August number is largely due to last year’s low base after a sudden clamp down. The jump may look alarming, but there is no reason for panic."
http://www.mining.com/india-gold-imp...ets-176-46768/