Friday, April 5th 11:58 AM IST

Pakistan buys 2.7 tons of Gold during first 8 months last fiscal

# Pakistan gold  # gold imports  # Pakistan Bureau of Statistics  

Pakistan imported about 2,645 kilogram of gold worth of $143.633 million was imported during the period under review as compared to the import of 1,805 kg valuing $96.917 million during same period of last year.

NEW DELHI(BullionStreet) : Pakistan imported nearly 2.7 tons of gold during the first eight months of the last fiscal year.

According to Pakistan’s commerce ministry, country imported about 2,645 kilogram of gold worth of $143.633 million was imported during the period under review as compared to the import of 1,805 kg valuing $96.917 million during same period of last year.

Pakistan's gold imports surged by 48.2 per cent as against the same period of last year.

Analysts attributed the increase in gold imports into the country mainly to the decrease in the global gold price which is witnessing declining trend since September 2012 when its price touched the highest level of $1795 per ounce.

Whereas the gold price on Thursday hit the lowest of $1539 per ounce. In Pakistan markets, the price has also gone down to Rs. 58700 per tola.

They added that legal gold imports can be increased by over cent per cent if the government reduce the tax rate on imports of the gold which would ultimately boost country’s economy.

They said when the tax on the import of gold was only half dollar per tola, the daily volume of gold import was over 300 kg.

According to Pakistan Bureau of Statistics, on month on month basis, the gold imports in Feb 2013, registered an increase of 503pc and 66.02pc when compared to the imports in Feb 2012 and Jan 2013 respectively.

Gold imports in February 2013 stood at $20.251 million against the imports of $3.356 million and $12.199 million in February 2012 and January 2013 respectively.

The overall imports of metal group, registered an increase of 13.84pc during July-Feb (2012-13) against the same period of last year.

The metal imports in to Pakistan during the period under review were recorded at $2.075 billion against imports of $1.823 billion during same period of last year.

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