Gold imports drop 41%, as prices in India reach an all-time high

With gold rates reaching record highs, India’s imports tumble by a good 41%.

India’s gold imports witnessed a sharp decline of 41% in February from a year earlier as high prices squeezed retail demand. The world’s second-biggest consumer of gold imported 46 tonnes in February, which, compared to 77.64 tonnes in 2019, were quite a dismal percentage. The information was provided by an anonymous source who further added that the February imports totalled $2.36 billion, down from $2.58 billion a year earlier.

“It is suspected that India’s gold imports could fall below 35 tonnes in March, considering the fact that the prices are still elevated,” said a Mumbai-based dealer with a gold importing bank, “which would mark a drop from last year’s 93.24 tonnes.”

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