Gold import has declined by 53 percent during December 2006 as compared to the corresponding period in 2005, due to rising price of the yellow metal in the international market. Analysts say that during the last six months the price of gold has been moving up gradually in the international market, which brought its import down.
According to the current official figures, during December 2006, Pakistan imported gold worth $33.964 million as compared to $72.679 million during the same month of 2005, depicting a decrease of $38.715 million.
During the first half (July-December 2006) of the current fiscal year gold imports stood at $150.970 as compared to $246.537 million during the same period FY06, showing a shrink of $95.567 million.
In the context of quantity, during July-December 2006, Pakistan has imported 9,429 kg gold on the average rate of $16,011 per kg against the import of 16,467 kg gold on the average rate of $14,971 per kg during the same period last year.
During the current fiscal year, the importers shunned to place huge orders owing to precarious gold prices in the world market, said a leading gold importer, adding: "We have imported gold on the average rate of $16,011 per kg during the first half of the current fiscal year as compared to $14,971 per kg during the same period last fiscal year.
"We are now facing shortage of gold in the local market, however, importers are reluctant to import gold on high rates," he said. He said that gold prices in the local market are going up gradually in the wake of its soaring prices in the international market. Gold prices in the international market have increased by 10 percent during the last one year, he added.
He said that importers are monitoring international market closely, and hoped that gold import will rise in the future as soon as its prices in the international market declined.
Comments
Comments are closed.