Continuing the weak show, gold import in Ahmedabad fell by almost 73% in February, while silver import declined by over 99%.
GSECL, which handles cargo at Ahmedabad airport, said that 2.05 tonne gold was imported at the airport in February 2019, 73% lower than 7.50 tonne in the same month of the previous year.
February was the fifth consecutive month when import of the yellow metal declined in Ahmedabad. Gold import had fallen by 87% in October, 48% in November, 71% in December, 32% in January, and saw a 73% decline in the latest month.
For the ongoing financial year, i.e. between April and February, gold import stood at 45.9 tonnes, a fall of 35% from 71.14 tonnes reported in the same period of the previous year. In fact, the import in the current fiscal is the lowest in the 11-month period in at least the last eight years.
Jigar Soni, vice president of Jewellers Association Ahmedabad said that gold demand was good in the past couple of months, but had slipped as the price rose to nearly Rs 35,000 per 10 gram a fortnight back.
“Gold price has come down to Rs 34,000 per 10 gram now, but demand has fallen in the past few weeks due to the border tensions between India and Pakistan,” said Soni.
The Great Crash
Import of silver at the city airport crashed by more than 99% in February. GSECL data showed that 0.75 tonne silver was imported in February 2019 as against 102 tonnes in the same month of the previous year.