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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: IngotWeTrust who wrote (8354)	3/15/1998 2:48:00 PM
From: PaulM	Read Replies (3) \| Respond to of 116779

Interesting Post. But remember, today is the "Ides of March," following a "Friday the 13th." And approaching St. Patricks day! So beware! ;-)

To: IngotWeTrust who wrote (8354)	3/15/1998 6:16:00 PM
From: lorne	Respond to of 116779

Gold imports up 88% in '97 NEW DELHI: Gold imports by India rose by a phenomenal 88 per cent in 1997 reaching a record 526.5 tonnes, according to the World Gold Council (WGC). The steep growth in imports was due to increased domestic demand for the yellow metal, liberal import policy and lower international prices, the WGC says in its latest issue of Gold demand trends. The demand for gold in the country in 1997 reached a record level of 737 tonnes, an increase of 45 per cent compared to 1996. While, 72 per cent of the demand was met through imports, the rest was met through recycled scrap gold. Besides the sharp increase in gold demand, other factors responsible for import growth were liberal import policies and lower international prices. From January 1, 1997, non-resident Indians (NRIs) were allowed to import 10 kg of gold every six months, twice the previous amount. In October, 1997, the government also allowed 11 authorised agencies to import gold under the open general license (OGL) with five per cent import duty and sell it to the domestic market. Domestic gold prices witnessed a downtrend throughout 1997 on account of lower international prices. The price gap between domestic and international prices narrowed down to nine per cent during the year from 15 per cent last year on account of easy availability of foreign exchange and withdrawal of special import license. Gold prices fell from about Rs 13,000 per ounce in first quarter of 1997 to about Rs 11,500 per ounce in the last quarter of the year. (PTI)