September Gold Imports Surge As Prices Correct Ahead Of Festivals
NDTV
India imported 91 tonnes of gold in September, compared to 12 tonnes a year earlier, the source said on Monday.
India's gold imports in September soared 658 per cent from last year's lower base as a correction in local prices to the lowest level in nearly six months prompted jewellers to step up purchases for the upcoming festive season, a government source said.
Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices, which have fallen nearly 15 per cent from an all-time high of $2,072 in August 2020.
The surge in imports could increase India's trade deficit and pressure the rupee.
India imported 91 tonnes of gold in September, compared to 12 tonnes a year earlier, the source said on Monday on condition of anonymity as he is not authorised to speak to media.
