Scrap Monster
Vulcan
Vulcan
Gold September 05, 2019 10:30:13 AM

India's Gold Imports Hit Lowest Level in Three Years

Paul Ploumis
ScrapMonster Author
The multi-year high domestic gold prices have dented the demand for physical gold in the country.

India's Gold Imports Hit Lowest Level in Three Years

SEATTLE (Scrap Monster): According to Indian Commerce Mnistry officials, the imports of gold by the country recorded massive decline by 73% from the previous year in August 2019. The gold imports during the month fell to almost 30 tonnes, down from 39.66 tonnes imported in July ’19. It must be noted that the official gold import figures are yet to be published by the country.

ALSO READ: Smuggled Gold Seizures Soared 23% in Q2 2019

The gold prices in the country hit new highs through the past week, in tandem with the rally in international gold prices. The multi-year high domestic gold prices have dented the demand for physical gold in the country. The hike in import duties from 10% to 12.5%, as proposed in the recent Union budget, too trimmed imports.

As per trade sources, gold is available for huge discounts in the bullion market. The discounts are expected to come down by third week of September, as purchases ahead of the festive season gain momentum.

 

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