India Gold Imports Shoot Up 658% in September

SEATTLE (Scrap Monster): According to government sources, the gold imports by India soared significantly higher by 658% year-on-year during the month of September this year. The spike in imports is feared to have a negative impact on the country’s trade deficit and value of domestic currency. The freefalling prices, which slumped to their lowest level in almost six months, prompted increased purchases by jewellers ahead of the upcoming festive and wedding season demand.

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The country imported 91 tonnes of gold in September 2021. This compares with the imports of 12 tonnes during the corresponding month a year before. The value of gold imports during the month stood at $5.10 billion, compared with $601 million a year before. The cumulative imports during the quarter ended 30^th September, 2021 totalled 288 tonnes, significantly higher by nearly 170% year-on-year.

The sources hinted at chances of October gold imports crossing 100 tonnes, compared to 45 tonnes imported during the same month a year before, provided the gold prices sustain at current low levels.

There has been a revival in retail customer demand, following relaxation in pandemic-induced restrictions.