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India more than doubled its gold imports in 2021
No wonder gold's price went down, right? After all, in mainstream financial journalism, anything can rationalize a decline in the gold price -- rain in Peoria or snow in Sweden.
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India Spent Record $55.7 Billion on Gold Imports in 2021
By Rajendra Jadhav
Tuesday, January 4, 2021
MUMBAI -- India splurged a record $55.7 billion on gold imports in 2021, buying more than double the previous year's tonnage as a price drop favoured retail buyers and pent-up demand emerged for weddings that were delayed when the pandemic first hit.
The previously unreported details of the world's second biggest consuming nation's soaring imports were disclosed to Reuters by a senior government official who requested anonymity as he was not authorised to speak to media.
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The 2021 gold import bill easily doubled the $22 billion spent in 2020, and surpassed the previous high, set in 2011, of $53.9 billion, according to the official, who tracks broad import trends.
In volume terms, India imported 1,050 tonnes of gold in 2021, the most in a decade, and far more than the 430 tonnes imported in 2020, the official said. ...
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