NEW DELHI: Even after the high prices of expensive metals in the international market last month, the demand for gold and silver in India has not declined, and the value of gold imports rose by 13 %compared to the previous year, while silver imports rose by more than 14%. However, after the recent 2.5 %increase in import duty on expensive metals in India, gold and silver demand in the country's spot market is showing sluggishness this month.
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According to data released by the Union Ministry of Commerce and Industry on Monday, India imported about 2.70 billion dollars of gold in June this year, compared to about 2.39 billion dollars in June 2018. Thus, gold imports increased by 13.02 %over the previous year.
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Silver was imported at 41.69 million dollars in June last year, compared to 36.42 million dollars in the same month last year. Silver imports thus increased 14.47 %in June this year compared to the previous year. On the other hand, the monthly average price of gold in June this year on the international futures market has been $1,361.76 per ounce, while the average price of gold in June last year was 1,315.09 dollars per ounce.