India's Gold Imports

India's gold imports, which have a bearing on the country's Current Account Deficit (CAD), rose 6.4 per cent to USD 12.9 billion during April-July this fiscal due to healthy demand, according to government data. The imports stood at USD 12 billion during the same period a year ago. In July 2022, however, imports of the precious metal fell sharply by 43.6 per cent to USD 2.4 billion, as per the latest data released by the commerce ministry. Increase in gold and oil imports during the first four months of this fiscal contributed to a record trade deficit of USD 30 billion, against USD 10.63 billion in April-July 2021. India is the world's second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry. The gems and jewellery exports during the first four months of the current fiscal grew by about 7 per cent to USD 13.5 billion. A wider trade gap during 2021-22 expanded the country's current account deficit at 1.2 per cent of GDP agains

India imported 101 tonnes of gold in May, compared to 13 tonnes a year earlier

The surge in gold imports during the last financial year contributed to the widening of the trade deficit to USD 192.41 billion, against USD 102.62 billion in 2020-21

Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices, which have corrected nearly 17% from an all-time high of $2,072 in August 2020

Imports of the yellow metal stood at $8.75 billion in the corresponding period of 2019-20.

The world's second-biggest buyer of gold imported 36.26 tonnes in January, compared with 69.51 tonnes a year earlier, the source said on condition of anonymity

This year sales on Dhanteras, the most auspicious day in the country to buy the metal, slumped even as jewelers lined up offers to draw in buyers.

The agency sees the geopolitical climate and equity markets as supportive for gold's role as a risk hedge

Lower gold imports could also help the South Asian country reduce its trade deficit

According to the World Gold Council, Indian consumers probably bought 650-750 tons of the metal last year

Surge in bullion imports is a matter of concern

Good monsoon, farm loan waiver key to bring more customers to jewellery shops

Silver imports too jumped to $442.9 million in May from $39.54 million in the same month last year