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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Top Gainers:- GAIL, Adani Ports, Bharti Airtel, ONGC and ICICI Bank
Losers:- Lupin, Sun Pharma, Cipla, HDFC and Dr Reddy's Labs are losers in the Sensex

The market is still firm with support from bank, capital goods, metals and oil & gas stocks. The Sensex is up 145.41 points or 0.6 percent at 24827.89 and the Nifty is up 57.45 points or 0.8 percent at 7556.20. About 1366 shares have advanced, 769 shares declined, and 135 shares are unchanged.

GAIL, Adani Ports, Bharti Airtel, ONGC and ICICI Bank are top gainers while Lupin, Sun Pharma, Cipla, HDFC and Dr Reddy's Labs are losers in the Sensex.

Oil prices extended their gains in Asia today after key producers agreed to meet next month to discuss limiting output and stabilise a long-running price decline.Prices have rallied from near 13-year lows touched in February after Russia and Saudi Arabia mooted a meeting to freeze output.

News of the producers' meeting overshadowed a report showing a lower-than-expected build in US commercial crude inventories.

A weaker dollar after the Fed decided against an interest rate increase yesterday also provided support to prices as it makes the commodity cheaper for clients using other currencies.

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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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The fundamental reason for low oil prices remained unchanged, with producers around the world pumping over 1 million barrels of crude every day beyond demand, leaving storage tanks brimming.

U.S. crude inventories rose by 4 million barrels in the last week, compared with analyst expectations for an increase of 2.8 million barrels, according to the U.S. Energy Information Administration (EIA).

"At 486.5 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years," the EIA said.

Now we can say that "U.S. crude prices stabilize after jumping from 2003 lows."

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Oil futures fell in Asian trade on Friday, heading lower after posting the first significant gains for 2016 in the previous session, as the prospect of additional Iranian supply looms over the market.

This is three or four months ahead of what the market was thinking last year, so it just adds fuel to the fire," said Tony Nunan, Oil risk Manager, Mitsubishi Corp in Tokyo.

Iran has removed the sensitive core of its Arak nuclear reactor and U.N. inspectors will visit the site on Thursday to verify the move crucial to the implementation of the atomic agreement with major powers, state television said on Thursday.

 

Any additional oil from Iran would add to the glut that has pushed oil prices into a deep slump since the middle of 2014.

"It is the wrong time for Iran to be returning to the oil market, both for the market and likely also for Iran," Phillip Futures said in a note on Friday.

"It would have been so much more ideal for Iran to return to the oil scene if prices were soaring at $100

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Gold eased back to $1,103.45 after earlier rising to $1,112 , the highest since Nov. 4. That brought gains for this year to 4 percent.

The yen pulled back from Thursday's 4 1/2-month high of 117.33 yen , last trading at 118.35 yen. The euro slipped 0.5 percent to $1.0880.

The Australian dollar, often used as a liquid proxy for China trade, strengthened to $0.7055 after falling to a three-month low of $0.6981 on Thursday. It's down 3.1 percent this year.

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◙Reserve Bank has fixed the public issue price at Rs 2,684 per gram for the sovereign gold bonds, for which applications will be accepted from 5 to 20 November.

◙Aimed at providing an alternative to buying physical gold, the gold bond scheme will offer investors an interest rate of 2.75 percent and a choice to buy bonds worth 2 grams of gold, up to a maximum of 500 grams.

◙"The issue price of the sovereign gold bond for this tranche has been fixed at Rs 2,684 per gram of gold," the RBI said in a statement today.

◙The rate has been fixed on the basis of simple average of closing price for gold of 999 purity of the previous week (26-30 October, 2015) published by the India Bullion and Jewellers Association Ltd (IBJA), the RBI added.

◙The bonds, which will be sold through banks and designated post

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