INSUBCONTINENT EXCLUSIVE:
In November, local gold futures fell to Rs 37,477 ($522.18) per 10 grams.Country's gold imports in November jumped 78 per cent from a month
earlier to the highest level in five months as jewellers in the world's second-biggest market for the metal restocked after a fall in
prices, a government source said on Tuesday.Higher imports by the South Asian country could support global prices that have risen more than
demand through imports.India imported 71 tonnes of gold in November, compared with 40 tonnes in October, the source said on condition of
corrected after the Diwali festival, giving an opportunity for jewellers to replenish inventory, said Mukesh Kothari, director at Mumbai
bullion dealer RiddiSiddhi Bullions.Indians celebrated the Dhanteras and Diwali festivals in October, when retail demand for gold peaks as
it is considered auspicious and invokes lasting prosperity.In November, local gold futures fell to Rs 37,477 ($522.18) per 10 grams after
$2.76 billion, the source said.Gold started trading at a premium in India to the official domestic price last month for the first time in
dealer at a gold importing bank."Imports were not attractive for refiners until October due to massive discounts
As gold started trading in premium, they increased imports," he said.Dealers charged a premium of up to $1.5 an ounce over official domestic
prices in November, compared with a discount of up to $21 an ounce in October
country's gold imports in November was 33 tonnes, compared with imports of 8.5 tonnes in October, the government official said.Country's
gold imports could fall below 40 tonnes in December, said a Mumbai-based dealer with a gold importing bank, which would mark a drop from
