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India's gold imports surge as prices correct ahead of festivals
By Rajendra Jadhav
Monday, October 4, 2021
MUMBAI -- India's gold imports in September soared 658% 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% from an all-time high of $2,072 in August 2020.
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The surge in imports also 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 today on condition of anonymity as he is not authorised to speak to media. ...
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