Categories: Business

Gold imports dip 94 pc in Apr-Jun to USD 688 million

Photo: FILE

gold import fall 94 percnet

new Delhi. Gold imports in the country declined by 94 percent to $ 688 million or Rs 5,160 crore in the first quarter of the current financial year. This information has been found in the statistics of the Ministry of Commerce. Gold imports affect the country's current account deficit (CAD). Gold demand has come down due to the Kovid-19 epidemic, which has also brought down gold imports. In the same quarter of the previous financial year, yellow metal imports stood at $ 11.5 billion, or Rs 86,250 crore. Similarly, silver imports declined by 45 per cent to $ 57.5 million or Rs 4,300 crore during the quarter.

The country's trade deficit (the difference between imports and exports) was reduced to $ 9.12 billion in April from a decrease in gold and silver imports from $ 45.96 billion in the same quarter of the previous fiscal. The Reserve Bank of India has said that India recorded 0.1 percent of gross domestic product (GDP) or current account surplus of $ 600 million in the January-March quarter, due to the narrowing of the trade deficit. A year ago, the current account deficit was $ 4.6 billion, or 0.7 percent of GDP.

Gold imports have been steadily decreasing since December last year. Gold imports declined by 62.6 percent in March, 99.93 percent in April, 98.4 percent in May and 77.5 percent in June. India is the world's largest importer of gold. Gold is mainly imported here for the jewelery industry. India imports 800 to 900 tonnes of gold annually. However, this time due to Corona crisis, imports have been affected. At present, investment demand for gold is at a very high level, causing prices to reach record highs. The buyer of solid gold is not in the market due to high prices. Along with this, demand has also been affected by the ban on jeweler shops due to lockdown and changes in wedding plans.

This post was published on July 19, 2020 5:43 pm

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