At a time when the government and RBI are taking every possible measure to curb demand for the yellow metal among Indians, the data released recently showed that gold imports doubled during Apr-Jun quarter of this fiscal at 338 metric tonnes following the slump in prices which boosted the demand for bars and coins.
According to a Times of India report, India's gold imports stood at 153 metric tonnes during the same period a year ago. TOI cited World Gold council report as saying that total demand for gold during the quarter was up 71 per cent at 310 tonnes, with consumption of bars and coins increasing to 122 tonnes from 56.5 tonnes and sales of jewelry gaining 51 per cent to 188 tonnes.
The data came soon after government increased the import duty on gold by another two percentage point this week to 10 per cent. This was the fourth straight increase in import duty on gold.