India Gold Imports Plunged By a Third in October

SEATTLE (Scrap Monster): As per government sources, India’s gold imports dropped drastically by a third from the previous year in October this year. This is the fourth straight month of decline in gold imports by the country. The record-high gold prices led to huge drop in retail gold demand in the country.

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The country’s gold imports totaled 38 tonnes in October, significantly down by 33% from 57 tonnes imported in October last year. The value of monthly gold imports surged higher by 4.5% from $1.76 billion in October last year to $1.84 billion in Oct ’19.

According to dealers, the country’s gold imports could fall further down to below 30 tonnes in November, mainly on account of moderate demand following the festive season. It must be noted that the country had imported 84.8 tonnes of gold in November last year.