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With the fall in gold prices internationally, jewellers and traders imported 100 tons gold in the August to augment their inventories before falling rupee take away lower price advantage. However, the sudden jump in import is important when low rupee has again raised current account deficit worries. According to GFMS Thomson Reuters estimate, import of gold in India was 100 tons compared to 46.2 tons in August last year, resulting in doubling of import bill for gold in August. Gold import bill for August 2017 was $1.89 billion which is estimated to have doubled. Import growth in tons is 116.5 but average gold price in international market in August was down 6.5 per cent compared to previous August.Sudheesh Nambiath, head, India Gold Policy Centre set up by IIM-Ahmedabad said that, "jewellery show held last month has shown good turn out and jewellers were low on inventories. This has resulted in sharp jump in gold import in August as prices were also low which jewellers considered ...

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