India Gold Imports Jump to Near Two-Year High as Demand Revives



© Reuters.

(Bloomberg) — Gold imports by India surged in March to the highest monthly total in nearly two years as a slump in prices stoked demand for jewelry during the ongoing wedding season.

Overseas purchases increased more than sevenfold to 98.6 tons last month from 13 tons a year earlier, according to a person familiar with the data, who asked not to be identified as the information isn’t public. That would be the highest since May 2019. Finance Ministry spokesman Rajesh Malhotra didn’t immediately respond to calls to his mobile phone.

Imports during the first three months of 2021 more than doubled in the world’s second-biggest consumer to almost 190 tons, according to Bloomberg calculations based on the data.

Benchmark in India have tumbled about 17% from a record in August last year, boosting demand during the wedding season and ahead of Akshaya Tritiya next month, the second-most auspicious day to buy gold in the Hindu calendar.

Still, a resurgence in virus cases and restrictions on movement and business activity in some states is worrying jewelers as it could threaten the revival in sales. In Maharashtra, which houses the biggest bullion market in the country, non-essential businesses have been asked to stay shuttered for the rest of April as infections soar.

©2021 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  Manager at major UK food supplier says staff who stay at home may be sacked

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here