Metal Price
Scrap Monster
Vulcan
Gold July 03, 2020 01:00:12 PM

Gold Imports Impacted by Record-High Prices and Lockdown Curbs

Paul Ploumis
ScrapMonster Author
Incidentally, gold prices have surged by nearly 25% so far this year.

Gold Imports Impacted by Record-High Prices and Lockdown Curbs

SEATTLE (Scrap Monster): India’s gold imports recorded sharp decline during the month of June this year. The notable dip is mainly attributed to reduced demand on account of record-high gold prices and limitations in shipment due to international ban on flights to curb the spread of coronavirus pandemic.

India imported around 11 tonnes of the yellow metal during June this year, said unidentified government sources. This compares with 77.7 tonnes of gold imported during the same month a year before. Year-on-year, the imports were down by 86%. In value terms, the June 20 gold imports were valued at $608.8 million, down from $2.7 million a year ago, despite substantial surge in gold prices over the previous year. Incidentally, gold prices have surged by nearly 25% so far this year.

ALSO READ:

China Gold Exports via Hong Kong Outstripped Imports

U.S. Gold Imports Skyrocketed 407% Through April

The gold imports by the country totalled around 13 tonnes in the entire June quarter, down by 96% from the corresponding quarter a year before. The months of April and May had reported nearly nil imports.

The gold sales in three metropolitan cities- Chennai, Mumbai and Delhi, which used to generate huge demand, plunged heavily, as operations of retail outlets continue to remain affected due to rising Covid-19 infected cases. The gold intake by jewellers too has dropped sharply, said India Bullion and Jewellers Association (IBJA). Further, the demand is likely to remain muted for the next two to three months, it added.

 

SM Newsletter
Subscribe to SM mailing list and get updates to your inbox
Facebook Twitter Linkedin Instagram