After having jumped significantly in the months of April and May and pushing the trade deficit to alarming levels, the gold imports in the month of June are expected to witness sharp decline as RBI blocks the consignment import route for the domestic market and government imposes a 2 per cent additional import duty.
A media report quoted a bullion analyst as saying that in June, hardly 40 tonnes of gold would be imported, as there is a huge carried-forward stock in the market from the past two months. This is very less as compared to 120 tonnes and 75 tonnes imported during April and May, respectively.
Due to rupee's weakness, Gold on Tuesday closed at Rs 28,025 per 10g in Mumbai's spot market. On MCX, it went up to Rs 28,095 per 10g.