As Price Rally, Gold Imports of India Halved In March
The gold imports of India in March halved from a year ago to 52.5 tonnes. This was observed when a rally in local prices to 16-month high slashed demand in the world’s second-biggest consumer of bullion, provisional data from precious metals consultancy GFMS and bank dealers showed.
It is said that the drop in the imports of gold could weigh on global prices, which are still up nearly 8 percent from a mid-December trough, despite dropping back from a 17-month high hit at end-January.
Experts also believe that the lower gold imports could also help the South Asian country reduce its trade deficit, which fell to lowest in five months in February.
This is one of the most precious transitional metals with a metallic yellow appearance. The characteristics of gold are – soft, malleable and can be easily melted, chiselled, carved or hammered into any shape. It is found naturally in alluvial deposits. This rare metallic element is also found with a combination of other metals.
It is not a furtive that gold is used in jewellery making and goes hand-in-hand with diamonds. However, apart from this use there are several other ways in which you can use this precious metal in your life:
- Monetary exchange
As early as 560 BC, Gold coins were used as monetary exchange but today are kept as commemorative memorabilia and collectables.
Gold is a highly efficient conductor that can carry tiny currents and remain free of corrosion. Therefore, it is used in connectors and electrical contacts and switches, soldered joints, electrical wiring and connection strips. Gold is also used as a conductor in mobile phones.