India's gold imports fell by 99.5% in April

Section:

By Shruti Srivastava and Swansy Afonso
Bloomberg News
Monday, May 4, 2020

India, the world's biggest consumer of gold after China, imported its lowest monthly volumes in at least a decade after curbs to control the coronavirus pandemic grounded air transport and shuttered jewelry stores.

Overseas purchases slumped 99.5% to 60 kilograms in April from 13 tons a month ago, according to a person with knowledge of provisional finance ministry data, who asked not to be identified as the information isn't public. That would be the lowest monthly inflow in records going back to 2010, according to data available with Metals Focus Ltd.

... Dispatch continues below ...



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Finance ministry spokesperson Rajesh Malhotra wasn't immediately available for comment.

"I don't expect a recovery in imports or demand for the next three to five months at least,” Chirag Sheth, a consultant at the London-based Metals Focus, said by phone from Mumbai. Manufacturing in the sector will also take a hit due to a scarcity of workers, who have returned to their hometowns after the virus outbreak, he said. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-05-04/gold-imports-by-india...

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