Gold imports by India, the world’s biggest buyer, probably jumped 33 percent in January as traders and jewelers rushed to stockpile before the government increased taxes to curb a record current-account deficit.
Overseas purchases may total 75 metric tons to 80 tons this month compared with 60 tons a year earlier, with bulk of the imports being made in the first three weeks, Bachhraj Bamalwa, chairman of the All India Gems & Jewellery Trade Federation, said by phone. Domestic demand, which has weakened in the past week, may improve in February because of marriages, he said.
