Arresting the eight-month fall, gold imports more than doubled to USD 3.5 billion in October on account of high festival demand.

A day after Prime Minister Narendra Modi announced that Rs 500 and Rs 1,000 currency notes would cease to be legal tender from the midnight of November 8 – a move aimed at cracking down on the flow of black money – those in possession of unaccounted wealth were seen rushing to jewellers to buy gold. While these people were willing to pay huge premiums, jewellers were ready to accept old currency notes. The transactions took place on past-dated bills; even VAT was paid. As a result of this rush, there was a sudden spurt in demand for gold. According to market estimates, as much as $1 billion worth of gold, or around 30 tonnes, has been imported since November 9.

A unique automatic telling machine (ATM) has grabbed the attention of people in Bengaluru, as instead of dispensing money, it accepts money from users and dispenses gold coins in exchange.

It gives a customer multiple options to pay the amount. The user can either pay by cash or by credit or debit card. One can get gold coins weighing from one gram to 20 grams at market rates. While delivering gold coins, the machine delivers you a certificate of purity and genuineness.

Company representatives are satisfied with the response and are hopeful that these machines can be set up in other cities, given the success of this experiment in Bengaluru.

Swiss gold exports to China hit their highest since January last month, Swiss customs data showed on Thursday, though a sharp drop in shipments to Hong Kong meant exports to Hong Kong and China combined were sharply lower year on year.

The United Kingdom remained the biggest recipient of Swiss gold exports for a seventh straight month, receiving 52.162 tonnes of bullion.

Switzerland exported 35.5 tonnes of gold to China in September, the data showed, 64 percent higher year-on-year and up from 19.884 tonnes the month before. But shipments to Hong Kong dropped to 11.537 tonnes from 59.76 tonnes a year earlier.

Exports to India rose to 27.592 tonnes from 22.971 tonnes.

India's gold imports declined by 58.96 per cent to 270 tonnes from January to September from 658 tonnes that were shipped in during the corresponding period of last year, a research report said on Tuesday.

Coin sales jump strongly in September

Silk Road demand for August was 195 tonnes

Gold imports in September are estimated at 30 tonnes, down 43 percent from a year ago, GFMS data showed. Imports in the first nine months of 2016 slumped 59 percent from a year ago to 268.9 tonnes, according to GFMS.

Arrivals in 2016 are likely to fall more than 60 percent from a year ago to between 350 tonnes to 400 tonnes, the lowest level in two decades, according to Scotiabank.

India's gold demand is likely to fall to around 750-800 tonnes in 2016, as against 860 tonnes last year, mainly due to sharp rise in prices and jewellers' strike following new regulations, World Gold Council has said.

New Delhi, Aug 15 (PTI) Gold imports fell by 77.45 per cent to USD 1.11 billion in August due to sliding prices of the metal in both global and domestic markets.

As per the data, silver imports too dipped to USD 130.32 million in August as against USD 363.41 million in the same month last year.