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.