The rise was due to a sharp fall in prices, which spurred demand.
Demand to remain high with festive season ahead and ongoing price fall
India is still the best story in major emerging markets from a 5-year perspective.
India's gold import bill, estimated at $3 billion in May, is seen falling further this month
The government has retained 10% duty on import of the yellow metal.
Gold has held up better than many expected.
India Inc closed FY15 on a positive note.
Gold import this financial year is estimated at 945 tonnes.
The gold market has remained under pressure.
Traders have used this as an opportunity to stock up silver.
This time, RBI can cut rates to reflect the improved fundamentals and to further shrink the arbitrage window.
After his previous visit, the Sensex crashed and it took four painful years to top the 21,000 mark.
In the past two years, investors in gold have lost money.
Trade sanctions on Russia by Europe and the US offer an opportunity for India, but the devaluation of the rouble may play spoilsport
The rouble has been falling steadily since early November and collapsed earlier this month following a spectacular decline in the price of crude oil to five-year lows.
This year, India bought 27.7% of the gold exported by Switzerland; in Jan, this was only 15%.
Crude oil's long price slide might be ending, feel some experts. Last Friday, the price of Brent crude, seen as a benchmark for what India uses, saw a low of $75.3 a barrel - it is now trading around $79. The fall has been nearly a third from its high seen in June, only five months earlier.
Marriage season will end in the next two months and import growth is likely to taper off
The bill on October 2013 was $1.01 billion for 38 tonnes.
Silver is emerging as a stronger bet for the long-term.
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