India has now released its official figure for gold imports in August. Prior non-official estimates had put this at 140 tonnes and the official figure is a close 138 tonnes. Now we also have an unofficial estimate for September of a significantly lower 67 tonnes and while some have seen this as an indicator of Indian gold imports tanking – if one looks at the latest chart from Nick Laird’s Sharelynx.com site showing month by month imports for the past five years up until August, one can also see that Indian monthly import figures are hugely variable and 67 tonnes is actually a reasonable figure and certainly doesn’t yet suggest that demand is particularly weak given the very strong August figure – the fifth highest in the past five years….
To read the full article which has been published on the Sharps Pixley , click on LAWRIE WILLIAMS: Indian gold imports 730 t YTD. So is it really top consumer?