Gold imports jump in January due to Swiss and UAE inflo

India’s gold imports jumped in January after cooling in December, led by a surge in shipments from key bullion hubs such as Switzerland and the United Arab Emirates.Imports from Switzerland surged nearly sevenfold to $3.95 billion from $592 million in the preceding month, while overall gold imports jumped more than fourfold to $12.1 billion.

Cumulative imports from Switzerland, a major global gold refining hub, were little changed in the 10 months to January, suggesting that the spike in January partly reflected higher gold prices in addition to stronger investment demand.Imports from the United Arab Emirates (UAE) rose 43 percent to $7.05 billion in January from $4.94 billion in December. Under the Comprehensive Economic Partnership Agreement (CEPA) with the UAE.India provides a 1 percent discount on gold imports from the standard import duty rate. And unlike Switzerland, UAE inflows have shown steadier cumulative growth through the year.