India's physical gold industry strike could be set to end
By GCRU Gold News on Saturday, April 9 2016, 07:37 - Permalink
Could India’s physical gold market, which remained at a near standstill on continued industrial action this week, be set to reopen? That is the understanding of at least some senior level sources this week in the country.
Imports of gold bars into India totaled 18.6 mt in March, down 22% on the previous month to the lowest monthly inflow on record, Indian customs data recently showed. The total is down from February’s previous record low of 23.8 mt.
However, so far in 2016 imports have hit record lows on back of an elevated dollar price and low demand owing to the industrial action. Some are now forecasting imports as low as 400 mt in 2016.
“I think they’ll be at least 600 mt,” argued one senior source, although that figure is still a long way below historic data.