India’s March gold imports surge 471% to a report 160 tonnes: supply – ET Auto

India imported a report 321 tonnes within the March quarter, up from 124 tonnes a 12 months in the past, the supply stated.

MUMBAI: India‘s gold imports in March surged 471% from a 12 months earlier to a report 160 tonnes, a authorities supply instructed Reuters on Thursday, as a discount in import taxes and a correction in costs from report highs drew retail patrons and jewellers.

Higher imports by the world’s second-biggest bullion shopper might help benchmark gold prices, which have corrected practically 17% from an all-time excessive of $2,072 in August 2020.

The surge in imports might improve India’s commerce deficit and stress the rupee.

India imported a report 321 tonnes within the March quarter, up from 124 tonnes a 12 months in the past, the supply stated.

The supply requested to stay nameless since he’s not authorised to talk to the media.

In worth phrases, March imports surged to $8.four billion from $1.23 billion a 12 months in the past, he stated.

In February, India slashed import duties on gold to 10.75% tax from 12.5% to spice up retail demand and curtail smuggling into the South Asian nation.

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