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India's October gold imports surge to 31-month high
By Rajendra Jadhav
via Nasdaq.com, New York
Monday, November 20, 2023
MUMBAI -- India's October gold imports surged 60% from a year earlier to a 31-month high as a drop in prices ahead of a key festival prompted jewellers to ramp up purchases, a government source said today.
Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices but also may widen India's trade deficit and put pressure on the ailing rupee.
India imported 123 metric tons of gold in October, compared with 77 tons a year earlier, the source said, declining to be named as he is not authorised to speak to the media.
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The average monthly imports in October in the past decade were around 66 tons.
In value terms, October imports nearly doubled to $7.23 billion from $3.7 billion a year earlier, he said. ...
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