Swiss Gold Accounted for 50% of India’s Gold Imports

SEATTLE (Scrap Monster): The gold imports by India witnessed staggering surge by nearly 1,046.7%  to total $7.8 billion during the fiscal year 2020-’21. The yellow metal accounted for almost 8.8% of the country’s overall imports. India continued to be the world’s second largest gold consumer, after China.

The gold from Switzerland accounted for more than half of the country’s total gold imports during the year. India’s overall gold imports totalled $34.6 billion during this period, out of which Switzerland supplied $16.3 billion. The gold imports from the largest gold refining destination have been on the rise consistently over the past several months, on account of its reputation as being the producer of finest quality of gold. Meantime, the country’s gold imports from the UAE and South Africa were valued at $4.19 billion and $2.5 billion respectively.

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Meantime, gold dealers in the country are seen offering discount over official prices, as surge in domestic gold prices impacted demand for the yellow metal. The dealers offered a discount of up to $5 per ounce over the official prices during the week. This compares with premium of around $1.5 per ounce last week. This is the first time in almost a month that gold is being traded at a discount.