The latest gold import estimates published by Thomson Reuters GFMS indicates sharp fall in gold imports by India during the month of December. The monthly gold imports hit the lowest level in six months. The official gold imports by India are estimated at 492 tonnes in 2016, declining significantly over the previous year. The yearly imports touched the lowest level since 2003.

According to Surendra Mehta, secretary, India Bullion & Jewellers Association (IBJA), gold is expected to give nearly 8-10% returns in 2017, almost in line with 9% returns recorded in 2016. Correspondingly, gold consumption is expected to bounce back in 2017, he noted.