Gold imports jump 280% in October

India’s gold import bill for the month of October 2014 has shot up to $4.178 billion, up 280% following huge demand. As per data announced by the ministry of commerce, silver imports have also shot up 136% to $686 million.

Silver and gold import bill is highest after May 2013 and for the past two months it has been on the rise.

Apart from marriage and festivals related demand, imports are also rising due to lower prices of both the precious commodities.

In September, Gold import bill was $3.75 billion while that of silver was $477 million.