In the past 10 days, gold import has seen some flow, with demand from jewellers and falling prices.

There are the Ganpati festivals in the west and south, followed by Onam in the second week of September and then the Dussehra demand. Prices were quoting at a three to five per cent discount (to the landed cost of import) in the domestic market in recent months but with demand up, this has fallen to a three-month low to $17.5 an ounce or around Rs 400 per 10g.