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India's August Gold Imports Doubles to Hit 8-month Peak

India's gold imports in August had nearly doubled from a year ago to the highest level in eight months on an improvement in investment demand and restocking by jewellers on easing lockdown restrictions in the country, a Reuters report said on Wednesday citing a government source.

The anonymous source added that the world's second-largest consumer of the precious metal imported around 60 tonnes of gold in August, up from 32.1 tonnes a year ago. In value terms, August imports surged to $3.7 billion from $1.37 billion a year ago, he added. In July fell 24 percent from the same month a year ago as record-high prices of the metal in the country hurt demand along with lockdown and movement restrictions in many towns to curb the spread of coronavirus. The world's second-biggest consumer of the precious metal (after China) imported around 30 tonnes of gold in July, according to a Reuters report last month, down from 39.66 tonnes a year ago. In April, gold imports had plunged to 99.9 percent compared to the same month a year ago, amid prohibition on air travel and operations of jewellery retailing shops. India imported around 50 kilograms of gold in April, down from 110.18 tonnes a year ago.

Courtesy - Gold Returns



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