India’s Gold imports plunge 76% to 32-month low in January – Reuters
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Citing a government source, Reuters reported on Thursday that India’s Gold imports plunged 76% in January from a year earlier to a 32-month low, as record high domestic prices dented physical demand.
The drop in Gold imports could be also attributed to jewelers postponing their purchases, hoping for a reduction in import duty.
India “imported 11 tonnes of gold in January, compared with 45 tonnes a year earlier.”
“In value terms, January imports dropped to $697 million from $2.38 billion a year earlier.”
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