Gold imports declined by about 8% to $31.72 billion in 2015-16 due to weak global prices and are expected to keep a lid on the country's current account deficit.

Gold imports stood at $34.38 billion in 2014-15.

The sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the plunge.


In March, the imports dipped for the second consecutive month in March. It fell by 80.48% to $972.96 million.

The contraction in the imports helped narrow trade deficit to five-year low of $5.07 billion last month. The deficit was at $11.39 billion in the year-ago period.

India is the largest importer of gold in the world and the imports mainly cater to the demand of jewellery industry.

India's current account deficit (CAD) narrowed to 1.3% of GDP in third quarter of the fiscal 2015-16 as against 1.5% in the same period previous year, mainly on account of lower trade deficit.

Dip in gold imports have impacted the exports of gems and jewellery.

Gems and jewellery export grew by just 4.6% in March to $3.61 billion.

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Venezuelan Oil Minister Eulogio Del Pino and Iraqi Oil Minister Adel Abdel Mahdi were to travel to Tehran for talks with their Iranian counterpart Bijan Zanganeh in a bid to reach a deal to restrain output and prop up sagging prices.

Iran signaled that it would take a tough line in talks among oil producers on restraining production, saying it would continue increasing its output until it reached levels seen before international sanctions were imposed.

Crude prices sold off in volatile trade on Tuesday after a meeting between oil ministers from Saudi Arabia, Russia, Qatar and Venezuela ended with consensus to freeze output, but said the deal was contingent on other producers joining in, disappointing investors who were hoping for a coordinated supply cut.

Oil futures are down nearly 70%.

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U.S. crude has been firmer relative to Brent recently, on signs that the U.S. oil market is likely to grow tighter following Congress' decision to lift a 40-year old ban on domestic oil exports, while a global glut gets worse in 2016 due to soaring production in Saudi Arabia and Russia.

Oversupply issue will be exacerbated further once Iran returns to the global oil market early next year after western-imposed sanctions are lifted. Analysts say the country could quickly ramp up production by around 500,000 barrels, adding to the glut of oil that has sent prices tumbling.

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Due to rally on global market in Indian bullion market has gained steadily in gold and silver. In the bullion market the gold rose up 150 Rs and reached at the level of 25,750 per ten gram.

Silver Boom

Along with gold, silver also boomed and has gained Rs 250 per Kg in the Bullion market. Silver rose Rs 250 and has reached at the level of 34,150 per kg.

The bullish trend in global markets

We can see a bullish trend in gold and silver in domestic market as well as in the global market. In New York the gold had raised up at 1.13 percent and reached at the level of 1078.20 dollars per ounce while silver up and raised up at 1.17 percent and reached at the level of 14.25 dollar per ounce.

Why Bullion market strong globally?

Bullion experts believe that due to strong global cues the domestic market is increasing and on the other side the trader and investors of Bullion market responsible this hike to the wedding season in India.

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