India’s August Gold Imports Doubles To Hit 8-Month Peak – Government Source

The world’s second-biggest consumer of the precious metal imported around 60 tonnes of gold in August, up from 32.1 tonnes a year ago

India’s gold imports in August nearly doubled from a year ago to the highest level in eight months on an improvement in investment demand and as some jewellers restocked after New Delhi eased lockdowns, a government source said on Wednesday.

The world’s second-biggest consumer of the precious metal imported around 60 tonnes of gold in August, up from 32.1 tonnes a year ago, the source said. The source asked to remain anonymous since he is not authorised to speak to the media.

In value terms, August imports surged to $3.7 billion from $1.37 billion a year ago, he added.

Courtesy: Reuters