In March: India’s gold imports surge 471% to a record 160 tonnes: source

In March: India’s gold imports surge 471% to a record 160 tonnes: source

Higher imports by the world’s second-greatest bullion purchaser could uphold benchmark gold costs, which have adjusted almost 17% from an unequaled high of $2,072 in August 2020. The surge in imports could build India’s import/export imbalance and pressing factor the rupee.

MUMBAI: India’s gold imports in March flooded 471% from a year sooner to a record 160 tonnes, an administration source told Reuters on Thursday, as a decrease in import charges and a remedy in costs from record highs drew retail purchasers and diamond setters.

Higher imports by the world’s second-greatest bullion customer could uphold benchmark gold costs, which have amended almost 17% from an unequaled high of $2,072 in August 2020.

The flood in imports could build India’s import/export imbalance and pressure the rupee. In esteem terms, March imports flooded to $8.4 billion from $1.23 billion every year prior, he said.

In February, India cut import obligations on gold to 10.75% duty from 12.5% to support retail interest and reduce pirating into the South Asian country.

Article Courtesy- EconomicTimes

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