India likely imported considerably more gold y-o-y in Q2

According to the authority responsible for trade statistics, India imported 56.6 tons of gold in June, 27% less than in last June. At 212.6 tons, second-quarter imports were 23% up on the year-on-year level. 

The current import volume tallies roughly with the figures published by the World Gold Council (WGC) a few weeks ago. According to the WGC, India imported 432 tons of gold in the first half of 2015. 

"In other words, significantly higher demand will be needed in the second half of the year if, as the WGC envisages, gold imports of 900 to 1,000 tons are to be achieved in the year as a whole", says Commerzbank.