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India Gold-Imports surge on stable prices

AHMEDABAD: Imports of gold into India increased in December on stable international prices, and the trend is likely to continue this month, dealers said on Monday.

Bullion imports through the western city of Ahmedabad rose to 19.554 tonnes in December compared with 10.944 tonnes a month earlier, according to data issued by Chokshi Mahajan, a bullion merchants association.

Ahmedabad, the main city of Gujarat state, accounts for 30 to 40 percent of the country's imports of gold.

"I expect the trend to continue in January because the prices are stable and demand season has started," said Yashwant Thakkar, a leading importer and a member of the association.

Spot gold prices shot up in the first week of December to around $290 a troy ounce but remained stable between $280 to $285 a troy ounce in rest of the month.

"With the start of marriage season from January 15, we expect that imports in January to be around 20 tonnes," he said.

The wedding season continues till March end.

Silver imports touched 130.693 tonnes in December against 120.747 tonnes in November, the association said.-Reuters