April gold import at 75 tonnes

This Akshaya Tritiya day, 35-40 tonne of gold and jewellery is estimated to have been sold

Gold import's momentum has continued in April, with an estimated 75-odd tonnes, after 103.8 tonnes in March by jewellers and bullion traders, estimated GFMS Thomson Reuters.

In April 2016, the import was 53 tonnes, about 40 per cent less. The price of gold here is at a four-month low, at Rs 27,960 for 10g.

In recent months, says Sudheesh Nambiath, lead analyst for South Asia at GFMS, "Buying is related to stocking by retailers and consumer demand ahead of Akshaya Tritiya (April 28, when it is auspicious to buy gold). Implementation of the goods and services tax (GST) is also