Indians are piling into gold like never before.The latest import-export data released on Friday shows that India imported $41.4 billion worth of gold and silver in the April-November period of this financial year. That’s over Rs 2,15,000 crore at current exchange rates. The imports are a record 56 percent higher than the corresponding period of last year.
What’s going on?
Are Indians buying more jewellery? No. According to the World Gold Council, overall demand for jewellery fell marginally from 472 to 464 tonnes in the first nine months of calendar 2011, but investment demand went up by a quarter to 296 tonnes.
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