The total import of gold by India was worth Rs 76 lakh during first ten months of 2008-09 fiscal, the government informed the Parliament on July 13. The total value of imports in 2007-08 stood at Rs 67 lakh, it said. In a written reply to the Lok Sabha, Minister of State for Commerce Jyotiraditya Scindia said that the rough estimates place gold demand in the country at 700-800 tonnes per annum.
Moreover he said, "The movement in prices of gold in India in the recent period is broadly in tandem with similar movement in international markets."
The various factors that affect the gold price are the demand and supply, investor interest, interest rates, movement in the exchange rate of US dollar vis-a-vis other international currencies, he said.
Besides this, the minister said that the total rubber imports of the country stood at 44,083 tonnes during first three months of the current fiscal while the exports have remained at 834 tonnes.
Moreover he said, "The movement in prices of gold in India in the recent period is broadly in tandem with similar movement in international markets."
The various factors that affect the gold price are the demand and supply, investor interest, interest rates, movement in the exchange rate of US dollar vis-a-vis other international currencies, he said.
Besides this, the minister said that the total rubber imports of the country stood at 44,083 tonnes during first three months of the current fiscal while the exports have remained at 834 tonnes.
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