Higher imports by the world's second-biggest bullion consumer could support benchmark gold prices , which have corrected nearly 12% from an all-time high of $2,072 in August 2020
Net gold imports via Hong Kong to China, the world's top consumer of the metal, stood at 30.887 tonnes in June compared with 21.781 tonnes in May, the data showed.
Gold imports, which have a bearing on country's current account deficit, jumped multi-fold to $7.9 bn during the April-June 2021 quarter due to low base effect in the wake of Covid, data shows
Overseas purchases increased more than sevenfold to 98.6 tons last month from 13 tons a year earlier.
India's gold imports in March surged 471% from a year earlier to a record 160 tonnes, a government source told Reuters on Thursday
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry
Exporters also cite container shortage; imports continue to rise due to revival in domestic economy and high commodity prices
Inbound shipments fell 38 per cent in September from a year earlier to 8.4 tons, according to a person familiar with the data
Import contraction restricted to 26 per cent in August due to surge in gold purchases from abroad
Imports of the yellow metal stood at $13.16 billion (about Rs 91,440 crore) in the corresponding period of 2019-20
Oil imports declined by 31.97 per cent to $6.53 billion in the month under review. Gold imports grew by 4.17 per cent to $1.8 billion
Investment in precious metal safe based on outlook for India in the next four months
Imports of the yellow metal stood at $8.75 billion in the corresponding period of 2019-20.
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India's demand has been muted especially since import duty was raised to 12.5 per cent last July
Imports of the yellow metal stood at $27 billion in the corresponding period of 2018-19.
The decline in gold imports has helped in narrowing the country's trade deficit to $118 bn during the period, against $148.23 bn a year ago
Lower buying by the world's second biggest consumer of the precious metal could weigh on global prices that jumped 18% in 2019
The rupee's weakness against the dollar, however increased cost of imports, pushing consumers from buying gold unless necessary.
Oil imports during the month under review were USD 11.06 billion, 18.17 per cent lower year on year