Gold, hard metals import drops in July

KARACHI: Gold and hard metals imports in the country dropped by 14.49 and 6.73 percent during the first month of current financial year 2011-12.

The gold prices in international and domestic markets witnessed record highs as it touched around $1,800 per ounce while in domestic market yellow metal crossed Rs 60,800 per ten grams mark.

During the month of July, about 105 kg of gold costing $5.1 million was imported as compared to 125 kg gold worth $5.9 million imported during June, according to data released by the Federal Bureau of Statistic (FBS).

During the same period of last year, the gold import in the country was recorded at 311 kg worth $8.9 million. Beside gold, the import of other metals including iron and steel scrap also decreased by 6.73 percent during July 2011as about 132,924 metric tonnes of the metals costing $46 million were imported. The import of iron and steel scrap was recorded at 138,001 metric tonnes costing $49.4 million during the June 2011.

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