Categories: Business

India august gold imports double to hit 8 months peak says source

Photo: TIMESOFINDIA

gold import at 8 months high

new Delhi. The economy is now looking forward to a gradual recovery. According to sources, the import of gold in August has almost doubled to 8 months from the previous year. According to Reuters, jewelers have started raising stock since the easing of restrictions, due to the upcoming festivals and weddings season, which has led to a surge in imports.

According to the information given by the source, 60 tonnes of gold have been imported in the world's second largest gold consuming country during August. The figure was 32.1 tonnes in the same month last year. Gold import in August was $ 370 million by price, compared to $ 137 million in the same period last year. This increase in gold imports has been seen due to increased investment demand as well as re-stocking by jewelers.

There has been a sharp surge in investment demand for gold due to the Corona virus, which has led to a record rise in prices. However, during the lockdown due to high prices and restrictions, gold imports registered a record decline. However, jewelers have been raising the gold stock again since the ban was opened. In fact, with the wedding slipping from the months of March to June and the lack of purchases in festivals, the jewelers are hoping that there will be a demand recovery in the festive and upcoming weddings season, while investment demand can also be seen. May increase, which is why imports have increased.

This post was published on September 3, 2020 5:12 am

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