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Cogencis, Saturday, Aug 12
[C] Source pegs '17 gold import from Russian bks at 50 tn, silver 500 tn
By Shrikant Kuwalekar and Darshan Rane
PANJIM - Import of precious metals from Russian banks to India is seen rising to around 50 tn for gold and 500 tn for silver, a source close to the development said.
"The gold will enter India from various countries, but it will be exported by Russian banks," the official said on the sidelines of the India International Gold Convention 2017 here today.
VTB Bank and SBERBank would account for most of the exports from Russia to India, the official added.
India's gold and silver imports in 2016 had slowed down due to domestic market turbulences during the year.
Imports of gold from Russia in 2016 were just 15 tn, compared with around 25 tn in the preceding year, while those for silver totalled 300 tn last year as against around 1,000 tn in 2015.
Gold exported by Russian banks is sourced from Dubai, Switzerland, and the US through delivery on COMEX, and also from Hong Kong, which is then sold to jewellers and bullion traders, the official said.End

Edited by Akshit Harsh

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