Gold Supported By Rebound In India`s Imports

Published on Jan 19, 2021 12:30

Gold saw some buying after testing around one week low though overall mood was choppy. US markets were shut for a public holiday and traders focussed on the trends in Indian demand. According to the latest data from India`s Commerce ministry, India`s Gold imports stood at 33012.31 crores in December 2020, spurting around 88% compared to December 2019. Total Gold imports in April-December 2020 were at Rs 124468 crores, down 23.14% compared to April-December 2019. The spike in demand seemed to have come when the prices had moderated well under Rs 50K in local retail markets and is indicating good latent buying potential. COMEX Gold trades up 0.38% at $1836 per ounce.