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Tuesday, 9th February 2010 (1781 views)

Imports of gold in the Indian state of Gujarat rose by almost 11 per cent between April 2009 and January 2010.

This is according to new figures from the Gujarat State Export Corporation, which suggest that investment demand was largely responsible for this increase, the Business Standard reports.

Overall, 170.84 tonnes of the precious metal was imported during the period, compared with 154.19 tonnes in the previous year.

Commenting on the figures, Rajkot Gold Dealers Association president Balavantbhai Badani remarked: "People think that gold is a safer investment instrument than shares and commodities.

"The yellow metal also offers better returns."

Suresh Hundia, president of the Bombay Bullion Association, recently told Reuters that his organisation estimates Indian gold imports to have reached between 35 and 40 tonnes in January 2010.

This represents an increase of nearly ten tonnes compared with the same month last year as a result of higher wholesale demand, he explained.

 

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