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‘Plunge in gold price to help improve BoP’

Sharp decline in gold prices will have favourable impact on the economy especially the high current account deficit (CAD) and the overall balance of payment (BoP) position, Prime Minister's Economic Advisory Council (PMEAC) chairman C Rangarajan has said. 'It (decline in gold and crude oil prices) will have favourable impact on balance of payment (BoP) because India is a big importer of gold and crude oil,' Rangarajan said.

Gold prices fell to 21 month Rs 26,440 per 10 grams in the domestic markets on 16 April  due to continued sell off in the global markets. Though there have been some recovery in gold prices in the spot as well as futures market, uncertainty looms large over the way prices would move going forward.
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